Mega BTC Whale Makes Waves: $176.7M Worth Transferred for Potential Sell-Off
The post Mega BTC Whale Makes Waves: $176.7M Worth Transferred for Potential Sell-Off appeared on BitcoinEthereumNews.com.
Cryptocurrency traders and investors quickly made headlines when a single Bitcoin whale with 8,000 BTC ($699 million) decided to transfer 2000 BTC ($176.7 million) to an exchange, which might be an attempt at selling. This transaction occurred approximately a few hours before the report and was captured by Lookonchain, a highly active crypto-tracking account on Twitter. A whale with 8,000 $BTC($699M) transferred 2,000 $BTC($176.7M) to sell 7 hours ago. So far, he has deposited 300 $BTC($26.27M) into #Binance. This whale had previously sold 2,000 $BTC($132.4M) at $67,130 on April 4 and 5.https://t.co/HTO1cxjmUt pic.twitter.com/7mhpRUc5bT — Lookonchain (@lookonchain) November 13, 2024 Details of the Recent BTC Transfer In the details provided by Lookonchain, the whale moved 2,000 BTC to Binance, one of the biggest cryptocurrency trading platforms worldwide. After such a massive transfer, the whale invested another 300 BTC in Binance, and people assume that a big part of these assets will be dumped soon. Since Bitcoin recently crossed the $87,380 level, this transfer will affect the BTC price depending on whether it can turn into a sell signal and the market response. Previous Activity of the Whale It is important to note that this is not the first time this whale has hit the headlines in the market. Reports suggest that the same whale has been involved in another transaction where he sold 2000 Bitcoins at $67,130 each on 4th and 5th of April, earning $132.4 million from that single transaction. Such actions by high-stakeholders lead to large noticeable changes in price as their sales push the overall supply and pressure on the price of bitcoin, provided that there is no adequate demand for the currency. Impact on Bitcoin’s Market Price Currently, Bitcoin cost is equal to $87,380, but it has declined by 2.1% compared to one day before. The demand…
Filed under: News - @ November 14, 2024 10:27 am