A bitcoin whale has moved more than 31,000 Bitcoins (BTC) significantly from their cold wallets, according to blockchain intelligence company Arkham. Will it have a detrimental impact on the momentum of the BTC price?
Whale Transactions History
They possess BTC in these two wallets after transferring 31000 bitcoins worth approximately $822 million to a cold wallet:
- 20,000 BTC in 31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL
- 11,200 BTC in 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN
The BTC held by the trading company was kept in wallets that had not been used since late 2022. Early in October 2022, these wallets received a sizeable payment of 21,600 BTC directly from well-known exchanges Binance and Huobi.
It is important to note that Binance, one of the top cryptocurrency exchanges, was crucial in enabling the transfer of BTC for this trading company.
Early in November, when withdrawals from FTX, a well-known cryptocurrency exchange, were momentarily suspended, the trading company withdrew an additional 15,000 BTC from their Binance account. With increased security and control over their digital assets, this withdrawal helped to facilitate the transfer of money from their active exchange accounts to their cold wallets.
Movement Of Bitcoin Price
Such Bitcoin whale transactions have a huge impact on market movements due to their enormous buy/sell orders and strategies for market manipulation. In the previous day, Bitcoin has decreased by 1.87%.
After falling to $26,500 last week, Bitcoin regained the majority of its losses and climbed as high as $27,000 over the weekend. Even better news came at the start of this week when it soared to a multi-day high of $27,500 on Tuesday.
The bears, however, intercepted the maneuver and prevented any more increases. Instead, they reduced the asset's value to about $26,000.
The current live Bitcoin price, as tracked by Coinmarketcap, is $26,135.84 USD, with a $15,928,373,313 USD 24-hour trading volume.