Categories: Market

$ 1.5 billion Bitcoin Whale Trade “storms” the market as large holders increase accumulation

Since whales tend to amass large amounts of Bitcoin, one holder has just moved over $ 1.5 billion in BTC from a single wallet.

Blockchain.com confirmed a transaction on Oct. 4 that moved a whopping 31,306 BTC, valued at $ 1,500,784,730 at the time.

According to Santiment, whale traders recently amassed the largest amount of BTC in a single day in over two years. Those whales didn’t sell either, leading the analyst firm to believe that this was the driving force that pushed BTC back above $ 51,000.

“Bitcoin whale traders holding $ 100-10,000 in BTC amassed 70,000 BTC 10 days ago, the largest day of this group’s accumulation since July 2019. It is not surprising that the price is gradually returning above $ 51,000 , as whales are not showing any signs of a sell-out yet. “

Bitcoin whales accumulate | The source: mood

Bitcoin is currently trading at $ 54,717 at press time, up 14% since the October 4 whale trade, with a current value of more than $ 1.7 billion.

Bitcoin wallet after transaction | The source: bitinfocharts.com

Bitcoin is having an epic week?

Santiment also said the leading cryptocurrency could enter an important week as it shows signs of on-chain strength that could pave the way for another big step in the coming days.

“Bitcoin traffic has skyrocketed in the last week. One of the most reliable indicators is the number of tokens moving on the BTC network, which has hit a weekly high since May. If the indicator stays high, BTC could see an epic week. “.

BTC price (green) and stock exchange offer (orange) | The source: mood

Token circulation density indicates the amount of coins used in a given period of time and provides a snapshot of the asset’s condition.

Santiment also noted that the supply of Bitcoin on the exchange is at its lowest level in more than two years.

“With the Bitcoin price returning to the $ 50,000 mark for the first time in 4 weeks, the supply ratio between the exchanges has now dropped to its lowest level since June 4, 2019. The chances of reducing the risk of a major sell-off remain at a 30-month low. “

ETH price (green) and stock exchange offer (pink) | The source: mood

The second largest cryptocurrency appears to be following in Bitcoin’s footsteps as supply on the exchange continues to decline.

“Despite a sharp decline in the last two weeks, the ETH offering on the stock exchanges continues to decline regardless of price movements and is currently reaching a 6-month low. So far the situation looks good as it suggests that market participants are switching to accumulation and HODL modes. “

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

At home at home

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

This website uses cookies.