Bitcoin price action may be boring for many, but whales have been busier than ever
Whales seem to be starting to behave like never before as they are not only active in the market but also moving a record amount of BTC. In recent weeks, these whales have moved more coins around the network than ever before, even more than the all-time high of Bitcoin price at $60,000 or more.
At the time of writing, BTC is changing hands at $41,508, down 4% in the last 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price action staying in narrow but large-volume investors are anything but calm
Transactions involving $10 million and over recently hit more than $10 billion. According to Lex Moskovski, CIO of Moskovski Capital, “Whales have been moving record amount of Bitcoin last two weeks. Total transfer volume of $10M+ transactions keeps staying at ATH lately. It’s even higher than when the price was at $55-60k.”
Source: Glassnode/Lex Moskovski
Meanwhile, the Huobi Bitcoin mining pool, the eighth largest globally, has shifted almost 100,000 BTC, which constitutes $4.21 billion in fiat. This is the largest amount transferred by miners since late December 2017—when Bitcoin hit an all-time high of nearly $20,000.
This major Bitcoin shift could have been done to cover the withdrawals requested by Huobi customers as they are moving BTC from the exchange to cold wallets.
“The recent China regulation resulted in the eighth biggest #Bitcoin pool, Huobi pool, moving a large amount of their fund’s money bag. Almost 100k $BTC ($4.21b) flowing out from miners, the largest since Dec 18, 2017, Double exclamation mark Could it be to cover the client withdrawals needs on their exchange?”, IntoTheBlock stated.
Source: IntoTheBlock
Further analysis of their actions shows that different whales have shown different responses to recent price events. Smaller whales have been selling, while the largest-volume investors have conversely added to their positions.
Read more:
- China Didn’t Ban Bitcoin, But Regulators Have Their Eyes On Crypto Exchanges
- When Will Bitcoin Price Reach $6,000,000?