One of the largest BTC addresses has just moved 2019 Bitcoins, worth $141.5 million, to its cold wallet. This sale came as a series of significant sell-offs from this address after Bitcoin had faced another price decline.
The whale panic-sold 2,019 $BTC($141.5M) again after the $BTC price dropped today.
The whale has sold a total of 5,506 $BTC($366.9M) since Oct 1 and currently holds 4,980 $BTC($345.5M).https://t.co/AyIDE26GYT pic.twitter.com/iTolQNaQu9
— Lookonchain (@lookonchain) November 1, 2024
From the beginning of October till today, this particular whale has sold BTC worth 5,506 in total, translating to approximately $366.9 million, and has a current BTC balance of 4,980 worth roughly $345.5 million, as Lookonchain data indicates.
The last selloff happened when the bitcoin price was between $68,000 and $71,000, with the market responding to global economic factors and recent volatility in other cryptocurrencies. While Bitcoin’s current price is higher than earlier in the year, the decision of the Bitcoin whale to sell more of the currency signals a lack of confidence over short-term trends, given the market and global economic environment.
Tracking Whale Activity: A Pattern of Panic Selling
In analyzing their transactions, Lookonchain has pointed out that this whale tends to engage in panic selling whenever there is a dip in the price. In a prior sell-off on October 10, the whale sold 800 BTC ($48.5 million) when Bitcoin experienced the same drop in value. Since June, the whale has both purchased and sold fairly sizable quantities of Bitcoin; purchased a total of 11,659 BTC at an average of $62,362 per BTC and sold 10,345 BTC at $59,847 per BTC, for an overall loss of roughly $26 million.
Bitcoin Community Concerned Over Whale Impact
This whale’s movement has attracted the attention of the general Bitcoin community because the Bitcoin market may be affected by transactions conducted by these big investors. At times, whales have a large amount of control over the market; a single buy or sell order can cause great volatility in the market, sending panic to the general public investors.
The Bitcoin market is quite healthy despite periodic dump-offs, with a robust trading volume of more than $51.9 billion in the last day. Since investors closely follow these whale’s actions, the cryptocurrency’s short-term direction is unpredictable, especially given that many expect changes in value depending on these transactions.