Sleeping Bitcoin whales, or HODLers who own massive amounts of BTC long-term, have suddenly woken up and started moving their money. After more than six years of inactivity, three dormant Bitcoin addresses containing thousands of BTC unexpectedly became active again, transferring a total of 6,500 BTC.
With BTC now showing signs of the resumption of the October rally, these massive Bitcoin transfers could increase buying momentum or capsize the current bull run.
Sleeping Bitcoin Whales Are Making Waves With Massive BTC Transfers
There has been talk of moving dormant Bitcoin addresses sporadically this year, most of which are causing a stir and increasing interest among the Bitcoin community. Whale movements and whale purchases also rose in October, as did the price of Bitcoin experienced the largest increase on 18 months.
The latest data on whale transactions this year shows that a series of dormant Bitcoins from 2017 have started moving for the first time in six years. These transactions came from three addresses transferring a total of 6,500 BTC, worth approximately $230 million.
A profound look at these address shows they received their possessions on November 5, 2017, with no movement so far. At the time, Bitcoin was trading around $7,400, bringing the total value of the transaction to $48 million. BTC has grown significantly since then, with a unit now costing $35,230 at the time of writing.
Selling pressure on the rise?
The timing of the acquisition and transfer of these BTC indicates that they are controlled by one entity. The uncertainty behind these transfers can sometimes threaten buyer confidence as it may indicate that the whale is expecting a price drop and securing profits.
Alternatively, this could show that they anticipate further growth and are reorganizing for the next big rally. On-chain data points to the former, as BTC is still held private addresses, show that they probably are still under its own management.
Whale transfers to cryptocurrency exchanges have increased in recent days, which could jeopardize Bitcoin’s current bull market and price gains. Whale purchases have risen over the same period, indicating a mix of buying and selling by bulls and bears.
One particular whale transfer that caught the attention of many traders is the movement of 2,905 BTC worth approximately $100 million dollars between two unknown wallets.
🚨 🚨 🚨 🚨 🚨 2,905 #BTC (100,351,765 USD) transferred from unknown wallet to unknown new wallethttps://t.co/qpyONJupI2
— Whale Alert (@whale_alert) November 1, 2023
On the other hand, Bitcoin recently crossed the $35,000 resistance level bulls seem to continue October’s Bitcoin Gains in the New Month. November generally has was a profitable month for Bitcoin and on-chain signals are currently pointing to greed on the Bitcoin Fear & Greed Index. A continued break above the $35,000 mark could see BTC reach the 2022 order block at $45,000.
BTC at 35,400 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com