Whale Moves Over $37M BTC Amid Crypto Market Downturn
• A whale has moved 1,433 BTC that had been dormant for 10.2 years.
• The transaction was highlighted by Whale Alert and CryptoQuant, noting the implications of the move in market downturn.
• Despite the bearish sentiment in the crypto markets, there remains high buying pressure among US investors.
Bitcoin Whale Moves Over 1.4K BTC After 10 Years
A bitcoin (BTC) whale recently moved up to 1,433 BTC that had been dormant for over a decade. This transaction captured the attention of market watchers due to its significance and coincidence with current market downturn. Notable on-chain resource Whale Alert first called attention to today’s transaction while CryptoQuant provided an analysis of its possible implications.
10-Year Dormancy
Data from Blockchair suggests that the transaction occurred at 05:23 UTC today. Market data provider CryptoQuant emphasized that this movement is likely due to their owners deciding to sell their holdings to realize profits or convert them into cash – given such a long dormancy period, these coins were likely accumulated when BTC traded at around $100. These assets are now worth around $37 million despite current market conditions.
Implications for Market
The fact that previously dormant BTC is being sold indicates that some investors are taking advantage of the market conditions to secure profits – any ensuing selling pressure could further exacerbate a decline in Bitcoin’s price. Following the SEC’s motion to freeze BinanceUS’ assets, Bitcoin has fallen below the $27k level ending yesterday with a 3.27% drop and currently down 1.35%.
Buying Pressure Remains High
Despite these bearish sentiments, there remains high buying pressure among US investors as indicated by favorable start of day prices earlier today which saw Bitcoin appreciate to nearly $26,523 before succumbing to bearish pressures again shortly afterward.
Market Sentiment Reminder
This movement serves as a reminder for investors to be cautious even amidst bullish sentiment – it can still contribute towards temporary drops in market prices if enough whales decide to sell off their holdings regardless of how long ago they were accumulated or what price they were bought at originally .
