Bitcoin (BTC), valued at over $600 million, has moved for the first time since the last bear market on Oct. 18, analysis has revealed.
In a Twitter thread, monitoring resource Whalemap reported a 32,000 BTC transaction.
The buyer might be willing to purchase 32,000 BTC for $19,000
The latest sign that the current spot price is influencing the behavior of even longer-term holders is that a whale company that bought BTC near the last bear market appears to have sold.
According to Whalemap, 32,000 coins left their wallets this week for the first time since December 2018.
“32,000 bitcoins belonging to a whale wallet were moved yesterday. They have been inactive since December 2018,” the Whalemap team wrote in an accompanying comment.
While it’s not known exactly what was behind the decision, Whalemap was quick to argue with an alternative perspective to the classic bear market narrative — big investors capitulating to the bottoms. The team added:
“Transactions like this usually mean OTC trades, meaning someone is ready to buy those 32,000 bitcoins right now.”
Although BTC/USD is down over 70% from all-time highs, the 32,000 BTC stash would have made a significant gain as it was bought at $3,900.
Four years later, they’re worth $612 million compared to the roughly $124 million paid.
Annotated chart of Bitcoin whale outflows. Source: Whalemap/Twitter
Whalemap went on to note that this price zone represents a significant area of support due to the popularity of the 2018 lows as an entry point.
“Not many people know about this, but a lot of bitcoin was accumulated by whales in the very region where the above transaction originated,” she wrote:
“Even now, 337,000 accumulated BTC are still being HODLed in these wallets. A super important area in BTC land to keep ur [eye] on.”
Annotated chart of Bitcoin Wall inflows. Source: Whalemap/Twitter
Foreign exchange balance sheets accelerate the decline
Signs are coming out of exchanges this month that even $19,000 is becoming popular as a BTC trading or investing game.
Related: Here’s What Could Trigger a “Huge BTC Rally” If Bitcoin Holds $19,000
Data from on-chain analytics firm Glassnode shows that over the past few days, BTC balances across major exchanges have declined more every month compared to the previous month than at any time since mid-July.
The 19 trading platforms tracked by Glassnode had fallen around 100,000 BTC over the past 30 days on both October 18 and 19.
The last date exchanges ended the day with more BTC than they started compared to the month before was October 8th.
Bitcoin exchange 30 day net position change chart. Source: Glassnode
Total exchange balances stood at just over 2.34 million BTC as of Oct. 19, up from 2.46 million at the end of September.
Bitcoin stock market balance chart. Source: Glassnode
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