As the price of the flagship cryptocurrency Bitcoin dropped more than 4% to a low around the $60,000 mark in the beginning of October, a “giant whale” restarted depositing BTC into centralized exchanges.
According to data shared by on-chain analytics firm Spot On Chain on the microblogging platform X (formerly known as Twitter), the whale accumulated 3,933 BTC worth around $234 million on leading cryptocurrency exchange Binance at an average price of $59,591 per coin between the end of August and mid-September.
The whale then started moving 750 BTC, worth around $46.3 million, to Binance at $61,751 per coin as the price of the cryptocurrency dropped, and kept 9,736 BTC worth over $600 million on their wallet, which could still be dumped on the market.
This giant whale resumed depositing $BTC to CEX as the market crashed due to Iran’s strike against Israel!Notably, the whale accumulated a net 3,933 $BTC ($234M) from #Binance at ~$59,591 between Aug 29 and Sep 15 and started moving 750 $BTC ($46.3M) to #Binance at $61,751… https://t.co/bVjg21RGtt pic.twitter.com/ju57X7XY19
— Spot On Chain (@spotonchain) October 2, 2024
As reported Bitcoin started the month of October, which is a traditionally bullish month for the cryptocurrency space that between 2010 and 2023 saw an average gain of 28.7% for the cryptocurrency according to CCData, with an aggressive sell-off.
The sell-off came after Bitcoin defied its historically poor performance in September, and amid rising geopolitical tensions in the Middle East that have seen Israel launched a ground operation in Lebanon, and Iran fire around 180 ballistic missiles at Israel in what Iran’s Revolutionary Guard Corps said was a retaliation for the assassinations of Hamas’s political leader and an Iranian commander.
The broader crypto market has also been impacted, with the fear and greed index dropping to a “fear” level after seeing a “neutral” lever yesterday and “greed” late last month.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
In contrast the price of gold, a precious metal Bitcoin is often compared to a digital version of, soared to a high above $2,660 as tensions escalated. According to a top wealth manager gold, oil, and defense stocks are key hedges during geopolitical instability.
Featured image via Pixabay.
