In a recent development, blockchain intelligence firm Arkham reported a significant movement of over 31,000 Bitcoins (BTC) from the cold wallets of a prominent Bitcoin whale. This raises questions about the possible impact this massive shift might have on the Bitcoin price momentum.
Peering into the whale’s transaction history, it is evident that they now hold 20,000 BTC in 31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL and 11,200 BTC in 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN – amassing a total worth of over $822 million after the transfer. Notably, these wallets have remained inactive since late 2022 and received 21,600 BTC from popular exchanges like Binance and Huobi in early October 2022.
Binance, as one of the leading cryptocurrency exchanges, played a significant role in facilitating the movement of BTC for this trading firm. Furthermore, when FTX, another prominent crypto exchange, temporarily halted withdrawals in early November, the firm withdrew an additional 15,000 BTC from their Binance account. This contributed to the movement of funds from their active exchange accounts to their cold wallets, ensuring enhanced security and control over their digital assets.
Bitcoin whale transactions like this can significantly influence market trends due to their capacity for large buy/sell orders and potential manipulation tactics. With Bitcoin down 1.87% in the last 24 hours, it is essential to consider such movements when evaluating market conditions. Last week, Bitcoin experienced a slump, dropping to $26,500 before mostly recovering over the weekend and hitting a multi-day high of $27,500 on Tuesday. However, the price was pushed back down to around $26k, with a live tracking price of $26,135.84 USD on Coinmarketcap and a 24-hour trading volume of $15,928,373,313 USD.
Understanding these events and their potential impact on the cryptocurrency market helps enthusiasts maintain a more informed perspective on current trends and future developments. While large transactions such as the one mentioned above can be significant in influencing market activity, it is essential to conduct thorough market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for personal financial loss resulting from market fluctuations.
Source: Coingape
