Visionary Bitcoin whale moved $244 million worth of BTC to the crypto exchange. Whale wallet was the 14th largest individual BTC holder, holding 46,500 tokens in March. This development raises the question ‘Has BTC price reached its peak?’ It brought to mind the question. However, the SynFutures co-founder is marking a new high for late November.
Smart whale took action: He carries Bitcoin to the stock market!
cryptokoin.comAs you know from , whales are crypto investors who control large amounts of crypto assets. Therefore, it is possible for crypto buying and selling to have a huge impact on the markets. Therefore, crypto watchers closely monitor its behavior to predict market movements. Moving tokens to exchanges usually signals an intention to sell. However, blockchain data does not show what happens to tokens once they enter the exchange. A major Bitcoin (BTC) investor sent 7,000 BTC worth approximately $244 million to crypto exchange Bitfinex late Thursday, potentially realizing profits from earlier purchases.
The movements of this whale are particularly striking. Because the person controlling the wallet doesn’t seem to have a good sense of timing. BitInfoCharts data shows that the owner accumulated 46,500 Bitcoins between November 2022 and January 2023 at prices below $20,000 per token. Meanwhile, the current price is just under $35,000. The wallet owner then moved to sell a total of 36,500 tokens to Bitfinex in late March and early April at the highest price of the year, around $30,000. Whale later accumulated another 2,000 Bitcoins in May, taking advantage of BTC’s decline to $26,000.
“BTC could reach $47,000 by the end of November!”
According to Rachel Lin, co-founder of decentralized exchange SynFutures, it is possible for the Bitcoin price to reach $47,000 by the end of the month if it achieves average returns in November. Lin stated last week that October became famous as “Uptober.” She also said November’s historical data reveals the potential for even better returns this month. In this context, Lin made the following statement:
The past week has cemented October’s reputation as the ‘Uptober’ as Bitcoin witnessed a nearly 29% increase in value. More interestingly, when we look at historical data, we see that November tends to be even better than October, with an average return of over 35% on Bitcoin. If a similar return is achieved this November, we could see BTC reach around $47,000.
The ‘Bitcoin bull party’ continues!
According to the SynFutures co-founder, he notes a significant increase in large transactions exceeding $100,000. He also notes that the rise in spot volume is particularly notable. In this regard, Lin says the following:
This is a clear indication of increasing institutional interest, as major players are seen consolidating their positions in digital assets, especially Bitcoin. If we look at last week’s asset inflow, we can see a huge increase with approximately $325 million flowing into the sector. Almost $300 million of that went to Bitcoin.
Meanwhile, options data also reflects the bullish sentiment in the market. “As of November 3, the two options with the largest open interest are the 40,000 December call and the 45,000 December call,” Lin said. Even the 50,000 December ‘call’ option has open interest of over 5,000 BTC. This shows that a large number of people are willing to bet that Bitcoin will be much higher in two months than it is today. It is a negative sign when short-term relative strength index momentum indicators reach overbought levels. However, the long-term prospects look bright.” makes his statement.
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