Cryptocurrency traders and investors quickly made headlines when a single Bitcoin whale with 8,000 BTC ($699 million) decided to transfer 2000 BTC ($176.7 million) to an exchange, which might be an attempt at selling. This transaction occurred approximately a few hours before the report and was captured by Lookonchain, a highly active crypto-tracking account on Twitter.
Details of the Recent BTC Transfer
In the details provided by Lookonchain, the whale moved 2,000 BTC to Binance, one of the biggest cryptocurrency trading platforms worldwide. After such a massive transfer, the whale invested another 300 BTC in Binance, and people assume that a big part of these assets will be dumped soon. Since Bitcoin recently crossed the $87,380 level, this transfer will affect the BTC price depending on whether it can turn into a sell signal and the market response.
Previous Activity of the Whale
It is important to note that this is not the first time this whale has hit the headlines in the market. Reports suggest that the same whale has been involved in another transaction where he sold 2000 Bitcoins at $67,130 each on 4th and 5th of April, earning $132.4 million from that single transaction. Such actions by high-stakeholders lead to large noticeable changes in price as their sales push the overall supply and pressure on the price of bitcoin, provided that there is no adequate demand for the currency.
Impact on Bitcoin’s Market Price
Currently, Bitcoin cost is equal to $87,380, but it has declined by 2.1% compared to one day before. The demand and accumulation of BTC by these whales are still prevalent, given that the circulating supply currently stands at more than 19.78 million BTC. Crypto market analysts and investors now closely observe this giant whale of Binance to track the additional trades that may contribute to the fluctuations in the market.
The movement of whales is especially tracked in this unstable market since they can move large volumes of coins and prompt large price fluctuations. Although it is unclear whether the whale will be selling all the 2000 BTC, any major sale may create a domino effect and result in Bitcoin price volatility over the next few days.
