Hi Guys,
It's Big & Big #alert About $BTC Whales Movement of $535M !
Bitcoin Whale Moves $535 Million After Over 5 Years Of Dormancy.
An unidentified whale transferred 8,000 BTC to Binance yesterday—if sold, it would net them over half a billion dollars in profit.
Blockchain data indicated that the whale has made around $505 million in profit on its investment of 8,000 BTC. The whale had purchased all 8,000 BTC for just over $30 million in December 2018—after which the wallet lay dormant until yesterday.
Interestingly, all major BTC inflows in the wallet indicate that the whale had likely bought Bitcoin during the 2018 crash, as the BTC price at the time of transfer stood at approximately $3,800.
Bitcoin is currently trading at $69,240 after having dropped as low as $66,207 in the past 24 hours, according to CoinGecko.
Bitcoin miners selling holdings
The wallet could potentially belong to a Bitcoin miner, as there has been an upswing in miners selling their Bitcoin holdings to either cover their expenses, or to book profit.
Julio Moreno, Head of Research at CryptoQuant, noted that miners are finally capitulating, as they are selling their BTC holdings via Over-The-Counter (OTC) deals.
In a post on Twitter, Moreno pointed out that “yesterday we saw the largest daily miner selling volume since late March,” with 1,200 BTC sold. “These are Bitcoin being sold OTC, not in exchanges.” Moreno added.
Sings of #Bitcoin miner capitulation:
yesterday we saw the largest daily miner selling volume since late March: 1,200 Bitcoin.
Some big mining companies have been selling a portion of their reserves.
These are Bitcoin being sold OTC, not in exchanges.