Following BTC’s recent short-term price surge, it seems the whales have resumed huge sales. Therefore, it is likely that these huge sales might affect the market price of the crypto.
Anonymous Whale Dumps Over $1 Billion Worth Of Bitcoin
According to the on-chain activity platform, Bitinfocharts, the largest non-exchange BTC whale in the world, has dumped over 46,000 Bitcoin. Bitinfocharts indicates that these transactions occurred over two days.
Meanwhile, the 46,000 BTC translates to over $1 billion. The first transaction took place in a series on the 18th of July.
First, the whale sold 500 BTC before selling 2,500 BTC twice. Afterward, the anonymous whale sold 5,000 BTC twice again. The total amount offloaded was 15,500 BTC on the 18th of July.
On the 19th of July, the whale skyrocketed the offloading transactions by selling 10,000 BTC twice. Also, on the 20th of July, the whale sold 20,000 BTC. According to reports, the balance on the whale’s account is about 71,381.898 BTC.
Meanwhile, the BTC community is wondering why the whale had to liquidate its BTC holdings. This is because the activities of BTC whales are known to influence the market.
In some cases, BTC has either fallen in price or increased due to the actions of whales. Usually, these whales hold a large amount of BTC, which makes them able to influence the market.
Number Of Bitcoin Whales Drop Amid Crypto Market Crisis
Generally, when whales sell Bitcoin, there is bearish momentum in the crypto market. This signifies that the flagship currency may not remain above the $20,000 region for long.
Meanwhile, these huge sales lead to a correction in the crypto market. However, the huge sales mean more profits for the Bitcoin whales.
Unfortunately, the anonymous nature of BTC makes it impossible to know who the whale is. The whale is most likely an early adopter of BTC who bought the currency at a low price.
Perhaps, the BTC whale wanted to generate huge capital. Hence, this triggered the anonymous individual to liquidate the asset.
It is worth mentioning that the latest crypto bloodbath has affected the concentration of BTC whales. According to Finbold, the number of BTC whales had dipped by over 5% in only four days in April.
This action affected the price of Bitcoin in April, causing the currency to dip further. As a result, the price dropped below $20,000 for a while, with analysts predicting it to fall to $10,000.
Furthermore, Finbold reported that over sixteen BTC whales had sold their holdings in April. During that time, the currency needed whales to help push the price up.