A significant Bitcoin whale has initiated a substantial selling spree, divesting 411 Bitcoin for approximately $15.2 million. According to Lookonchain data, the whale opted to convert the Bitcoin into Wrapped Bitcoin (WBTC) before selling it at an average price of $37,023.
The whale still retains 155 WBTC, valued at about $5.74 million.
The selling activity by the whale has caught attention amid BTC's bullish momentum, pushing its price beyond $37k. Notably, there's a decline in inflows into exchanges from large whale addresses compared to previous years, indicating a more resilient sentiment among major holders.
Simultaneously, another whale withdrew 716 BTC (equivalent to $26.5 million) from Binance on November 13, as reported by Lookonchain. Since October 4, this whale has acquired 4,232 Bitcoin, worth $156.5 million, at an average cost of $31,452 per Bitcoin, currently yielding a profit of $23 million.
This recent whale activity coincides with BTC surpassing $700 billion in market capitalization, reaching $730 billion—a level not witnessed since April 2022. BTC's dominance now stands at 50.69%.
While the cryptocurrency market experiences a resurgence with active whale accumulation, large investors are reportedly favoring lower-cap altcoins over established leaders like BTC and XRP, according to CryptoPotato.
As of the latest update, Bitcoin is trading at $36,600, reflecting a -1% decline in the last 24 hours. The price chart indicates a stagnation phase after substantial gains in October, primarily driven by optimism surrounding a potential approval of a BTC spot ETF in 2024.
The prevailing sentiment in the crypto community suggests an imminent spot ETF approval. However, some experts anticipate BTC's continued surge, potentially reaching prices above $40k and $45k by December 2023 or Q1 2024. Following the anticipated SEC approval of the ETF, a capital rotation towards the altcoin market is predicted.
For intriguing Bitcoin price predictions, refer to the informative video provided by CryptoPotato.
⚠️Disclaimer:
This content aims to inform readers and should not be considered financial advice. Always conduct thorough research and use discretionary funds when engaging in cryptocurrency investments. All investment activities are the responsibility of the reader.
