Bitcoin (BTC) continues to skyrocket to $23,800, is the rumour that the 3rd largest whale is about to “discharge” 61,000 BTC?

The cryptocurrency market continues to have an impressive recovery despite facing some doubts that it will face a strong discharge from the industry’s largest whales.

Overview BTC Market

It seemed that BTC would be forced to fall into a correction phase like many other “hot” growth times with an increase of nearly 10% in a day, approaching the $23,000, mainly motivated by the “leading” Ethereum, but However, BTC eventually went against the community’s predictions, continuing to move towards the $24,000 price zone. At press time, BTC is trading around $23,408.

The breakout of BTC in the past 24 hours is believed to have come from the flow of money mainly from the majority of altcoins in the market. This means investors who have sold altcoins to BTC on the atlcoin/BTC trading pair for shelter amid the US CPI hitting a 4-decade high at 9.1% as well as the fear of “… crypto winter” is not over yet. Therefore, although BTC increased, the movement of altcoins was insignificant in general.

Liquidation

According to data from Coinglass.com, around $277.93 million has been liquidated from the market in the last 24 hours, mainly coming from short orders with more than 60%. BTC and ETH are the two leading coins in liquidation value in this round. More interestingly, ETC again became the 3rd representative on the list, possibly due to the “symbiotic” growth because of Ethereum’s The Merge news, so ETC was quickly stopped by traders.

Tracking BTC BigBoy

In related developments, it is surprising that BTC’s comeback has taken place in the face of hesitation and fear from the crypto investor community when on July 19, a third largest whale wallet appeared. The market behaves extremely unpredictably.

First, wallet 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, after a period of continuously buying and accumulating BTC in large quantities, owning more than 117,000 BTC (equivalent to 2.6 billion USD), suddenly withdrew to 61,000 BTC, a sign that is expected to be a fish. This mysterious elephant will “discharge” as soon as BTC recovers.

However, the fact that the wallet transferred some BTC to the Coinbase exchange and distributed most of the newly withdrawn BTC to another wallet, proves that the whale is just performing a wallet split, not the move to discharge goods as the community speculated.

After completing the conversion, the new wallet of the whale is currently holding up to 60,998 BTC, making it the 17th largest BTC wallet on the market, while the old wallet (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) is still in 3rd place.

What Happened on July 21st, 2022

The 3rd largest wallet 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ continued to withdraw 71,381 BTC on July 21, most of which has been transferred to the new wallet (1LQoWist8KkaUXSPKZHNvEyfrEkPHzSsCd) as mentioned in the article and a small part is still pushed to Coinbase exchange. .

The balance of the 3rd largest wallet is now no longer between any BTC but refunded to the new wallet with a balance of 132,877.91 BTC.

Thus, compared to the 117,000 BTC originally owned from the wallet 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, the action of this mysterious whale not only sold but also bought more between wallets.

Verdict

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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