A sudden stir in the cryptocurrency market as a major Bitcoin holder makes a significant move for the first time in years.
Whale's Unexpected Move
According to Spot On Chain, about two hours ago, a major Bitcoin holder transferred 200 BTC, equivalent to $18.4 million, to the Binance exchange. This is the first activity from this whale in the last three years.
History of BTC Movements
In 2022, this same holder withdrew 300 BTC from exchanges at an average price of $30,873 per coin. Since then, Bitcoin's price has significantly increased, and even with today's 4.5% drop, the whale still holds 98.2 BTC, valued at about $9.06 million. The total profit from these actions is approximately $18.2 million.
Market Status and Bitcoin's Future
The cryptocurrency market is currently unstable. Bitcoin recently fell below $89,000, which increased the share of loss-making addresses to 12%. Support below $90,000 is weak, so if the price drop continues, a sharp decline is possible. However, above $95,000, selling pressure is minimal, potentially leading to a rapid price increase. This whale's move may indicate a shift in market sentiment.
The activity of major Bitcoin holders can be an indicator of changes in the market. Transferring funds to Binance may suggest plans to secure profits or a strategy shift in volatile market conditions.
