After three years of dormancy, a major Bitcoin holder transferred 200 BTC (worth $18.4 million) to the Binance exchange. This move raises questions about a potential sale and market implications.
Whale's Move After Three Years
The whale withdrew 300 BTC at an average price of $30,873 on March 29 and June 13, 2022, with the aim of accumulation. Now, with Bitcoin priced at $92,263, the recent transfer to Binance has caught market attention, as such large player movements often precede increased volatility.
Whale's Profits and Market Impact
The whale initially withdrew 300 BTC at an average price of $30,873. After the recent deposit of 200 BTC, they still hold 98.2 BTC, amounting to $9.06 million. This provides the whale with an impressive profit of $18.2 million (+198%). The move was intriguing, especially given Bitcoin's recent 4.5% drop.
Is This a Smart Exit Strategy?
While the whale's transaction suggests partial profit-taking, it does not necessarily indicate a full exit. The remaining holdings suggest confidence in further BTC upside. However, large whale deposits to exchanges can sometimes trigger short-term price declines as traders anticipate potential sell pressure.
With Bitcoin near all-time highs, investors will be watching closely for further whale movements that could signal broader market shifts.
