Major bitcoin investor sent $330 million in BTC to Bitfinex exchange before price fell below $30,000: blockchain data

A major bitcoin investor sent around $330 million in bitcoin (BTC) to crypto exchange Bitfinex on Wednesday, according to blockchain sleuth Lookonchain.

According to Bitcoin blockchain data, the Bitcoin “whale” transferred 11,000 BTC tokens to a Bitfinex wallet at a BTC price of $30,114.

Whales are crypto investors who control large amounts of digital assets. Their purchases and sales can have a significant impact on the markets, so crypto watchers closely track their behavior to anticipate market movements.

The broadcast could indicate that the investor controlling the wallet is realizing profits after Bitcoin’s notably strong performance this year.

Blockchain transactions show that between June 2022 and January 2023, the wallet accumulated BTC at an average price of $20,083, according to data from Bitinfocharts, a website that tracks on-chain behavior of the largest Bitcoin holders. By mid-March, the wallet was the 14th largest BTC holder, controlling more than $1.2 billion worth of tokens.

Then, on March 17, the investor transferred 16,000 BTC ($427 million) and on March 19, 9,500 BTC ($266 million) from his wallet to Bitfinex.

Lookonchain dubbed the investor a “smart whale” after his profitable maneuvers.

The latest maneuver came as BTC, the largest cryptocurrency by market cap, has outperformed the broader crypto markets over the past month. Data from CoinDesk indices over the past month shows that only seven of the 166 assets in the CoinDesk Market Index (CMI) have outperformed BTC, which is up 47%.

BTC recently traded at around $29,900, which has remained roughly unchanged over the past 24 hours.

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