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Whale Moves $363 Million in Bitcoin as BTC Struggles to Keep Above $64K
- An unknown address transferred 5,659 BTC worth $363 million, hinting at a potential large sale amidst Bitcoin’s steady downtrend.
- Market reactions are mixed, with some viewing the transfer as bullish, expecting it to attract buyers or signal upcoming positive developments.
- Despite recent volatility and price drops, key stakeholders have not sold off their holdings, especially with the upcoming April 19th halving.
Whale Alert has just reported an unknown address has moved 5,659 Bitcoin (US$363,484,725 or AU$566,608,789), which could indicate a massive sale of BTC is on the cards.
This comes as Bitcoin has been in a steady downtrend over the past few weeks, dropping 7.77% in price since last week.
The move of almost six thousand BTC was met with mixed comments – some think the news is bullish, others fear a sell-off. It’s possible some feel the presence of significant amounts of Bitcoin on exchanges can signal to other market participants that these traders expect to find willing buyers, potentially at increasing prices.
Related: Willy Woo Predicts $650k Bitcoin Driven by $2 Trillion Inflows from Asset Managers
Additionally, the movement of large amounts of Bitcoin to an exchange can create a perception or speculation among investors that something significant is about to happen – such as a positive news announcement or a new investment influx.
Sometimes institutional investors (aka whales) move Bitcoin to exchanges as part of a strategic approach to manage their investments, such as hedging or reallocating assets without signalling a definitive move to sell.
Then again, large inflows to exchanges can also be seen as bearish if they are assumed to precede a large sell-off.
However, analysts at Santiment said that despite recent volatility causing a drop in Bitcoin’s value, key stakeholders are holding firm. As the April 19th halving nears, whale groups have increased their holdings since March 1st, with accumulations ranging from 43,489 to 91,732 coins across different wallet sizes.
Hong Kong Gets Spot Bitcoin ETFs
Santiment added that Hong Kong traders are optimistic amid the recent approval of Spot Bitcoin and Ethereum ETFs on Monday, but this hasn’t impacted the market as anticipated:
Trader optimism is high after Hong Kong approved spot Bitcoin & Ethereum ETFs today. Unsurprisingly, though, the initial market impact has been negative, with BTC dropping -4.5% since the news hit the public. When FOMO dies down, expect a bounce.
Santiment In case you missed: Hong Kong Approves Ethereum and Bitcoin ETFs
And then, there is also the Bitcoin halving, which seems to get a little lost in a lot of the news recently around inflation and fears of war. It’s worth noting though, that historically halvings have led to a rally followed by a correction. Read more about how the halving works here.
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
