Bitcoin Whale Goes Bearish With $424 Million in BTC

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and whale activities. The current Bitcoin situation seems to be a familiar dance, one that we’ve seen before in other asset classes.

Currently, the cost of Bitcoin (BTC) hasn’t reached expected higher levels and instead stays within the $61,000 price range. This is because the consolidation phase continues, lasting longer than anticipated. Despite hopes of hitting new peaks, Bitcoin still falls short of its previous all-time high ($73,780) from March this year, which has caused minor concerns for some investors.

As reported by Spot On Chain, a significant Bitcoin investor (often referred to as a “whale”) has experienced losses due to Bitcoin’s recent subpar performance. This prominent crypto monitoring service disclosed that this whale created four new wallets and transferred 8,510 BTC from Bitfinex in June and August of the current year into these wallets. However, it appears that this investor is growing impatient as they have begun to sell off these Bitcoin holdings.

Bitcoin whale loses patience

Within the past 30 hours, it’s been disclosed that a significant investor returned 1,500 Bitcoin to the cryptocurrency exchange. The worth of these coins, approximately, is about $92.95 million. It has also been unveiled that this whale purchased these very coins at an average price of roughly $64,434. However, when sold, the price was just $61,965. (Paraphrased)

Presently, the whale stands to lose approximately 5.57% or $30.54 million, given the current Bitcoin price. It’s worth mentioning that this substantial investor holds about 7,010 BTC, which equates to around $424.6 million in their digital wallet. Given the prevailing sentiment and trading patterns of Bitcoin, it seems plausible that this whale might consider offloading more coins in the coming days.

When a large investor (often referred to as a ‘whale’) sells their Bitcoin at a loss, it might look like they’re panicking due to fear of a market crash. It seems they’re trying to predict a drop in price and prevent additional losses by getting rid of their BTC. Although we can’t know for sure why the whale is doing this, their selling could potentially slow down Bitcoin’s price increase.

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2024-10-10 14:52