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Bitcoin Whale Transfers Coin Cache In Multiple Transactions And Falls To Position 8.
The BTC whale that transferred 15,500 coins yesterday has transferred more, making them fall from position 3 to 8 among whales.
Yesterday as reported by The Crypto Basic, one of the largest Bitcoin whales went active, transferring loads of coins from their super-sized wallet that initially held over 117,000 BTC. The whale sent out a total of 15,500 Bitcoins with an estimated value of around $350 million.
Now, reports show that the whale has been transferring more coins over the past few hours. Apparently, over these hours, a total of 46,000 BTC has been transferred out of the original wallet, leaving a stash of around 71.3k BTC. Before yesterday’s transfer, this particular whale held a high position among the largest BTC whales. Now, the entity is at position 8. Still, a stash of over 70,000 BTC coins is significant.
Image source: Bitcoininfocharts
The whale made five transactions to offload 46K BTC. Transferring 5000 BTC in the first and second transaction, 10,000 BTC in the third and fourth, and 16,000 BTC in the fifth transaction.
Is The Whale Leaving The Market?
The said whale activity has spurred speculations o whether this particular entity is selling off to leave the crypto market. However, it’s still not clear what the transfers are meant for. The whale could be just distributing their stash to multiple wallets for better security, or they could be preparing to sell.
Sources on Reddit reveal that this whale has been a sharp investor over multiple market cycles, always buying low and selling high. Over the last month, when the market crashed and FUD was at its peak, the whale reportedly accumulated over 10,000 BTC. It’s still not clear whether the whale is an individual, a group of individuals, or an institution.
What Could Be The Trigger?
Whale action is often seen as a market mover, but it’s only so if the whales are selling or accumulating. Based on the information available, it’s not clear whether this whale intends to sell their stash or not. If anything, they could be just moving it around as a normal routine. At the time of this writing, Bitcoin is priced at $23.4k, with a 24-hour gain of 6.4 % and a 7-day spike of 20%.