According to blockchain intelligence firm Arkham, a bitcoin whale has performed a sizeable movement of over 31,000 bitcoins (BTC) from its cold wallets. Will it negatively impact BTC price dynamics?
History of whale transactions
After transferring 31,000 bitcoins worth over $822 million to a cold wallet, they hold BTC in these two wallets:
- 20,000 BTC in 31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL
- 11,200 BTC in 3G98jSULFhrES1J9HKfZdDjXx1sTNvHkhN
The trading company’s BTC holdings have been stored in wallets that have been dormant since late 2022. These wallets received a substantial sum of 21,600 BTC directly from popular exchanges Binance and Huobi in early October 2022.
It is worth noting that Binance, one of the leading cryptocurrency exchanges, has played an important role in facilitating BTC movement for this trading company.
When FTX, a well-known crypto exchange, temporarily halted withdrawals in early November, the trading firm withdrew another 15,000 BTC from its Binance account. This deduction further contributed to the movement of funds from their active exchange accounts to their cold wallets, providing greater security and control over their digital assets.
Bitcoin price movement
Bitcoin whale transactions like these significantly affect market trends through large buy/sell orders and market manipulation tactics. Bitcoin is down 1.87% in the last 24 hours.
Bitcoin recouped most of its losses after plunging to $26,500 last week and trading at and above $27,000 over the weekend. The start of this week was even more positive as it jumped to $27,500 on Tuesday and hit a multi-day high.
Read the latest BTC price prediction on CoinGape.
However, the bears intercepted the move and did not allow further increases. On the contrary, they brought the asset back down to around $26,000.
According to live tracking on Coinmarketcap, the current bitcoin price today is $26,135.84 with a 24-hour trading volume of $15,928,373,313.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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