Bitcoin Whale Shifts 31,000 BTC; Is A BTC Dump Ahead?

Acoording to a blockchain intelligence firm Arkham, a bitcoin whale has executed a substantial movement of over 31,000 Bitcoins (BTC) from their cold wallets. Will it influence the BTC price momentum negatively?

Whale Transaction History

After transferring 31000 bitcoins to cold wallet, worth over $822 million, they hold BTC in these two wallets:

• 20,000 BTC in 31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL
• 11,200 BTC in 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN

The trading firm’s BTC holdings were stored in wallets that had remained inactive since late 2022. These wallets received a substantial sum of 21,600 BTC directly from popular exchanges Binance and Huobi in early October 2022.

It is worth noting that Binance, one of the leading cryptocurrency exchanges, played a significant role in facilitating the movement of BTC for this trading firm.

As FTX, a prominent crypto exchange, temporarily halted withdrawals in early November, the trading firm withdrew an additional 15,000 BTC from their Binance account. This withdrawal further contributed to the movement of funds from their active exchange accounts to their cold wallets, ensuring enhanced security and control over their digital assets.

Bitcoin Price Movement

Bitcoin whale transactions like this significantly influence market trends through large buy/sell orders and market manipulation tactics. Bitcoin is down 1.87% in the last 24 hours.

Bitcoin recovered most losses after slumping to slumped to $26,500 last week and stood at and above $27,000 during the weekend. The start of this week was even more positive as it jumped to $27,500 on Tuesday to chart a multi-day high.

Read Latest BTC Price Prediction On CoinGape..

However, the bears intercepted the move and didn’t allow any further increases. Just the opposite, they pushed the asset back down to around $26k.

According to live tracking on Coinmarketcap, the live Bitcoin price today is $26,135.84 USD with a 24-hour trading volume of $15,928,373,313 USD.