Epic Bitcoin Whale Initiates Massive Dump, But There’s a Catch

by

An significant event transpired in the cryptocurrency realm when an unidentified Bitcoin billionaire carried out a succession of substantial transactions. The wealthy individual transferred 800 BTC, or approximately $54.6 million, into Binance immediately following the dissemination of March’s Consumer Price Index (CPI) inflation figures. This action, executed mere minutes after the data was made public, piqued the interest of market observers.

Adding to the intrigue, the same whale had deposited an identical sum of 800 BTC, valued at $57.16 million, to Binance the day prior. These transactions coincided with a notable downturn in the price of Bitcoin, which experienced a decline of approximately 4% following the whale’s actions, as reported by Lookonchain.

Epic Bitcoin Whale Initiates Massive Dump, But There's a Catch

Still holding

Despite the new deposits, it was the discovery that the whale still had an impressive $928.6 million worth of Bitcoin, or 13,665 BTC, that truly caught people’s attention. These latest transactions make up just a small portion (around 10.48%) of the whale’s overall Bitcoin holdings, shedding new light on their perspective towards current market conditions.

Epic Bitcoin Whale Initiates Massive Dump, But There's a Catch

Investigating the details of on-chain transactions further, we find that this significant Bitcoin holder appeared about eleven months ago, obtaining their initial coins from multiple unidentified sources. The background and motives of this player in the market are still unknown, fueling curiosity about their activities.

At the same time, the pattern of deposits coordinating with the unveiling of Consumer Price Index (CPI) figures underscores the connection between conventional finance and cryptocurrencies.

When when the U.S. announced a larger-than-anticipated consumer inflation rate, traditional markets like Nasdaq, S&P 500, Dow, and Russell 2000 saw a slump. Even cryptocurrencies felt the impact, but Bitcoin only experienced a minimal 2% decrease right after the CPI report was released.

Read More

2024-04-10 18:53