Connect with us

Hi, what are you looking for?

Economy

Bitcoin Whale Dumps Over 1K BTC As Price Hits $63K, More Selloff Ahead?

A recent dump by a Bitcoin whale has caught the eyes of investors, especially as the BTC price soared more than 6% today. A report showed that the large holder dumped 1.03K BTC, worth around $64.3 million, to Binance, fueling speculations over the potential reason behind the selloff. In addition, the whale has also previously made similar large BTC transactions, which have also sparked discussions over further selloff in the market.

Bitcoin Whale Sells Over $64M In BTC

The latest dump by the Bitcoin whale caught attention as it came during a BTC rally to $63,000. Notably, according to a leading on-chain transaction tracker, Lookonchain, the large holder dumped 1,030 BTC, worth around $64.27 million, to break even. In other words, the whale has capitalized on the recent price surge of the crypto, a strategy often used by investors.

However, the report also showed that the whale is not new to these types of large transfers. The large holder has withdrawn 5,404 BTC, valued at around $352.97 million, from the top crypto exchange Binance between March and May. Notably, the value of the crypto during the withdrawals was $65,318.

Meanwhile, since May, the whale has offloaded 4,856 BTC at an average price of $65,459, worth about $317.87 million. Having said that, the recent Bitcoin selloff has reignited speculations over the potential strategy of the whale behind the move and its impact on the broader market movements.

Source: Lookonchain, X

For context, a flurry of traders use similar selloffs as opportunities for booking profits when the prices rise. Considering that, the latest move has sparked concerns if more whales or large holders will follow a similar strategy amid the recent rally. The concerns are soaring that if others follow suit, the flagship crypt could face increased selling pressure going forward.

What’s Next For BTC Price?

Historically, the BTC price tends to witness gloomy trading, but this year appears to be different. For context, BTC has added nearly 8% through September at its current price, indicating a growing confidence of the traders towards the crypto.

The recent selloff by the Bitcoin whale also appears to have failed to impact the broader market sentiment, as evidenced by the recent performance. During writing, BTC price was up 6% and traded at $63,604.31, with its trading volume soaring more than 73% to $53.01 billion.

Simultaneously, BTC Futures Open Interest jumped 10% to $34.83 billion, indicating a surge in the risk-bet appetite of the traders. Meanwhile, the rally comes after the US Fed announced a 50 bps rate cut at the latest FOMC meeting, bolstering traders’ sentiment.

Meanwhile, a Bitcoin price prediction hints that the flagship crypto could end the ongoing month hitting a high of $72,604, amid the positive market trends. In addition, the prediction also suggests that the flagship crypto could rally to a new ATH of nearly $86K in an “Uptober” rally.

The post Bitcoin Whale Dumps Over 1K BTC As Price Hits $63K, More Selloff Ahead? appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com