Bitcoin Whale Resumes Selling Spree
A long-term Bitcoin holder, who previously sold $4 billion worth of Bitcoin for Ether last month, has started selling again as Bitcoin crossed $116,000 for the first time in three weeks. This activity is raising eyebrows in the crypto community.
Details of the Latest Dump
Two Bitcoin wallets linked to an address that held onto the cryptocurrency for over eight years deposited 1,176 BTC (worth over $136 million) into the trading platform Hyperliquid on Sunday and began dumping, according to on-chain analytics firm Lookonchain on X. This follows a two-week break after the whale exchanged nearly 36,000 BTC for Ether in late August, a move valued at over $4 billion at the time.
Implications of Whale Movements
Whale activities often signal where smart money is flowing. Sudden moves after years of inactivity can have a negative impact, as large sell-offs on the open market can push prices down. In this case, the whale's shift to Ether suggests a potential loss if reversed; currently, swapping back to Bitcoin would result in a loss of nearly 460 BTC (about $53 million) due to the ETH/BTC ratio dynamics.
Bitcoin Price Struggles at Key Level
Bitcoin has been facing resistance at $116,000, a price it reached on Friday for the first time since August 23. Over the past 24 hours, it has traded flat around $115,500, with highs of $116,182 and lows under $115,000, struggling to break above this level. This represents a 7% decline from its peak of over $124,000 on August 14.
Broader Whale Activity
This isn't an isolated incident. Other high-value wallets have been active recently:
- A wallet with nearly 445 Bitcoin, inactive for almost 13 years, transferred funds to Kraken on Thursday.
- Another wallet with 480 Bitcoin moved funds for the first time since 2012, possibly just reorganizing holdings.
These movements highlight increased activity among long-term holders, which could indicate shifting market sentiments or profit-taking behaviors.
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