Whale Transactions Brew as Bitcoin (BTC) Crashes
Large-scale transfers happened in the past days, may indicate upcoming price actions.
Large-scale transfers happened in the past days, may indicate upcoming price actions.
The past few days saw generally decreased mainnet volumes, but also a few impressive Bitcoin (BTC) transactions. Some of those may be the creation of new cold wallets, but nevertheless point to the potential of “whales” to sway the market.
The most recent transaction was valued above $93 million:
https://twitter.com/whale_alert/status/1198860967595171841
The rationale behind storing BTC is seen either as preparing for a sell-off, or storing coins ahead of the reward halving.
An even larger earlier transaction remained mostly anonymous:
https://twitter.com/whale_alert/status/1198620659024367619
On November 22, two similar transactions of 45,500 and 46,000 BTC were moved between anonymous wallets. Some of the explanations include exchanges moving funds, as well as OTC deals.
So far, no significant activity has been noted on the Plus Token wallets, but there may be other “whales” with large-scale wallets. Currently, exchange flows remain relatively neutral, though with separate cases of transfers to specific markets.
https://twitter.com/thetokenanalyst/status/1198858989083222016
There is also a noticeable increase in holding onto coins, as more buyers have stopped moving even BTC acquired a year ago.
https://twitter.com/ceterispar1bus/status/1198603585774206976
Still, Monday’s volumes spiked to a near-record above $49 billion’s equivalent, as BTC recovered hundreds of dollars over the course of the day. BTC moved up to $7,179.46, erasing the loss that took it down to around $6,665.
A shift was noted in the BTC trading profile, as futures markets and soon, options, became a new arena for price betting. Whales, for now, can control spot markets, and potentially dump coins. But the interest is in boosting BTC prices.
Yet this time, activity is extremely high, despite the drop in on-chain volume. Unlike the move in June and July, most coins remained on exchanges, ready for more active price moves.
https://twitter.com/thetokenanalyst/status/1198889091225534464
Thus, despite low on-chain activity, BTC prices performed a $500 bounce on Monday, with indicators of holding onto BTC while trading derivatives.