Surprise Bitcoin (BTC) Big Whale Transactions Early In 2023; What They Mean?

Bitcoin (BTC) News: Contrary to the Bitcoin (BTC) price curve in the last few weeks, big whales are quite active in moving the assets. The price volatility in BTC died down since the second half of December 2022, after so many unexpected events surrounding the FTX collapse. While the Terra collapse played a major role in defining the 2022 bear market, FTX bankruptcy had only worsened the weakening market sentiment. To add to this, the macroeconomic scene failed to improve at year end thanks to the Fed’s decision to continue rising rates in 2023.

Also Read: SBF Seeks To Block FTX Debtors From Taking His Robinhood Shares

Bitcoin Whales Preparing For A Short Rally?

In this context, a series of huge whale transactions came up in the last few days. This comes as a surprise considering the current market scenario. According to Crypto Quant data, there were four of these big asset transfers in the space of just the first week of January. This makes a case for potentially more of these big transfers in the coming weeks before a short bull run.

More importantly, all of these transactions were associated with assets that stayed dormant for quite some time now. The biggest of these transfers occurred on January 5, 2023, when 15,480 BTC was transferred. These assets were held in the wallet with no activity between three to five years. In three other transactions around the same date, transactions of 3,001 BTC, 4,614 BTC and 5,208 BTC were made.

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BTC Price Breakout

The Bitcoin price failed to break the key resistance at $17,000 in the last few weeks. Since December 17, 2022, the BTC price has been hovering at around $16,900 level. As of writing, BTC price stands at $16,756, down 0.25% in the last 24 hours, according to price tracking platform CoinMarketCap.