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Home»BITCOIN NEWS»$137 million moved by long-sleeping whales, bracing for market shock
BITCOIN NEWS

$137 million moved by long-sleeping whales, bracing for market shock

By Crypto FlexsNovember 30, 20233 Mins Read
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7 million moved by long-sleeping whales, bracing for market shock
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Recently, the cryptocurrency community witnessed a notable event as a dormant Bitcoin whale returned to the market after being inactive for nearly four years.

According to data Crypto analytics platform Lookonchain reported that the mysterious entity transferred 3,623 BTC worth approximately $136.94 million to two newly created wallets.

Market Speculation and Potential Impact

The mystery investor initially accumulated Bitcoin holdings costing an average of $6,889 per unit between October 25, 2018 and December 31, 2019. Initially, the total investment was approximately $24.96 million.

However, given current market conditions, this investment is expected to grow significantly and currently generate approximately $112 million in revenue.

The importance of a transaction extends beyond mere size. The timing is particularly noteworthy as it coincides with Bitcoin’s recent surge, reaching the highest price not seen since May of the previous year (reaching around $38,400 per Bitcoin).

All 3,623 whales were relocated after being dormant for ~4 years. $BTC($136.94M) Added 1 hour ago 2 new wallets.

These whales gathered 3,623. $BTC($24.96 million), or approximately $6,889 from October 25, 2018 to December 31, 2019.

At current prices, the profit is ~$112M. https://t.co/QL3fPiV900 pic.twitter.com/wrMe4loIwm

— Lookonchain (@lookonchain) November 30, 2023

The sudden activity of this substantial Bitcoin holder has sparked speculation and discussion within the cryptocurrency community. One user on the

These observations have led to speculation about the whales’ potential insider knowledge or strategic market insights, especially given the significant profits they currently enjoy.

In particular, the actions of large holders, commonly referred to as ‘whales’, can exert significant influence on cryptocurrency markets. A deal of this size can represent a variety of strategic moves, from portfolio restructuring to preparing to exit the market.

These movements are closely monitored as they can provide insight into market sentiment and potential trends.

A closer look at Bitcoin Whale’s strategy

Digging deeper into Whale’s investment strategy reveals a calculated approach to Bitcoin accumulation. Buying Bitcoin at an average price of $6,889 per BTC during 2018-2019 represents a strategic entry during a period of relative weakness in the market.

Holding for four years through various market cycles emphasizes a long-term investment mindset in contrast to the short-term trading strategies common in the cryptocurrency industry.

The recent awakening of this whale and the transfer of a significant portion of its holdings to new wallets may indicate a change in strategy. Predicting the whale’s next move is guesswork, but this could include cashing out some of your investments or redistributing assets for diversification.

It is also plausible that whales are exploring new investment opportunities within the cryptocurrency space, potentially in areas such as decentralized finance (DeFi) or non-fungible tokens (NFTs).

Nonetheless, Bitcoin is currently in a downward trend after rising above $38,000 yesterday. The asset is currently trading at $37,704, down 0.4% at the time of writing.

Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: TradingView.com BTC/USDT

Featured image by Unsplash, chart by TradingView

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