Bitcoin News: Whale Scoops 500 BTC Worth $33M, BTC Price Eyeing $70K

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Bitcoin News: Whale accumulation is the first sign of an upcoming rally or upside move in a crypto and Bitcoin and some altcoins are starting to witness a rise in buying from whales. On Tuesday, a whale purchased 500 BTC from crypto exchange Binance as Bitcoin price holds strong above the $66,000 support level. Is a BTC price rally to $70k imminent this week?

Bitcoin Whale Buys 500 BTC

A well-known on-chain analyst named Lookonchain announced on April 23rd that an substantial amount of 500 Bitcoin had been moved from Binance to a new wallet. This significant transaction caused a stir in the cryptocurrency world, leading some to suspect that a test of Bitcoin’s record price of $73,750 was imminent.

Lookonchain reported observing a new wallet withdrawing 500 BTC ($33.07M) from Binance. This transaction is among the large ones post-Bitcoin halving, causing transaction fees to peak at an all-time high of $128.45. Approximately $2.4 million in fees were spent on Bitcoin transactions within block 840,000, according to CryptoQuant CEO Ki Young Ju.

Bitcoin News: Whale Scoops 500 BTC Worth $33M, BTC Price Eyeing $70K

Experts expressed both enthusiasm and concern as a significant Bitcoin purchase was made, with some predicting a minor price decrease approaching due to the upcoming monthly expiration dates this week.

Matrixport Hints At Slow Buying in the Derivatives Market

According to CryptoQuant CEO Ki Young Ju, the initial Bitcoin investments made by new whales are nearly double the total accumulated by old whales. With long-term holders cashing out, it’s likely that more investors will seize opportunities for profits as the price rises and an increasing number of wallets show a profit.

Bitcoin News: Whale Scoops 500 BTC Worth $33M, BTC Price Eyeing $70KCrypto research firm Matrixport revealed that Bitcoin average funding rate turned negative giving traders a safe opportunity to go long. While this is a real challenge for arbitrage-seeking crypto hedge funds, futures traders are also not willing to buy and pour more money into the market.

“Matrixport explained that traders of futures contracts for Bitcoin on the CME exchange might be hesitant about further gains due to current uncertainties. According to data from Coinglass, open interest in these contracts dropped by more than 1% within a day, and there were notable sell-offs in the past few hours.”

The cost of a bitcoin is holding steady around $66,000 as predicted, with the present value being $66,009 on the market. Over the past 24 hours, the minimum and maximum prices have fluctuated between $65,705 and $67,233. Additionally, there has been a slight decrease in trading activity during this period.

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2024-04-23 15:53