On-chain data for the day showed that 6,000 Bitcoins worth $120 million were left from Binance in a single transaction.
What does massive Bitcoin transfer mean
The market is looking for signals that will have an impact on Bitcoin price amid the current crypto winter. However, the way Bitcoin whales manage their capital is one of the key indicators to watch. Recent data provided by CryptoQuant community manager JA Maartun, on-chain data shows that a Bitcoin whale transferred $117.6 million worth of Bitcoin from cryptocurrency exchange Binance in a single transaction. The whale moved about 6,003.59 BTC.
Why did the whale choose to do such a procedure?
Because cryptocurrencies are anonymous, it is nearly impossible to determine who owns the Bitcoin address in question. However, we can assume that the whale placed Bitcoin in a more secure cold wallet during the market crash. It also appears that the investor has no plans to sell immediately.
On the other hand, in addition to security concerns, some whales often diversify their holdings on many cryptocurrency exchanges to maintain liquidity. Some experts believe that observing the buying and selling habits of whales can be a reliable indicator of an asset’s price trend. In particular, such significant transactions have a history of making the Bitcoin price extremely volatile.
Whales manipulate the market
Whales have been at the center of criticism for their capacity to centralize Bitcoin and manipulate pricing. Additionally, Bitcoin’s wealth inequality has drawn criticism from cryptocurrency skeptics. Interestingly, with the continued collapse of the cryptocurrency market, most investors continue to “HODL” in anticipation of a potential rally. A study published on September 1 showed that 62% of Bitcoin investors have not sold in more than a year.
Meanwhile, Bitcoin is still below $20,000 even after a positive US jobs report. BTC is currently trading at $19,895.28, holding steady in 24 hours. cryptocoin.comAs you follow, it has lost around 3% since last week.
Bitcoin price predictions
Popular crypto analyst Michaël van de Poppe shared his expectations for a correction in the near future. The analyst said on September 4 that he thinks Bitcoin will see a correction in the coming weeks without rallying again. Specifically, Poppe says that Bitcoin’s next possible higher target is $28,000 or $30,000. However, he noted that it could drop as low as $19,300 with it.
The analyst noted that while BTC is stuck in the $19,000-$21,000 range, the situation could result in ‘liquidity grabs’ below the level. He suggested that to continue any rally, Bitcoin would need to cross $20,400 and target $21,500.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.