Recently, the 14th largest whale in the market, holding a whopping 46,500 BTC (acquired at an average price of under $20,000 per token), has just transferred 7,000 Bitcoins, worth approximately $244 million, to the Bitfinex exchange. It’s highly likely that this whale is considering taking profits.
With Bitcoin having surged 110% since the beginning of the year and currently trading around $35,000 at the time of writing, it’s understandable that whales might want to cash in. However, with such a substantial amount of tokens involved, the community is concerned that this move could impact the market.
It’s worth noting that these whales had previously transferred 36,500 Bitcoins to Bitfinex at the end of March and beginning of April when the coin had reached a yearly high of $30,000.
Currently, the whale has not made any further moves, so we’ll have to wait and see what their next plan is. Nonetheless, investors should exercise caution during this period.
For context, “whale” is a term used to describe investors who control a large amount of assets and have a significant influence on the value of a particular cryptocurrency. Typically, when they transfer tokens to exchanges, it’s seen as a sign of profit-taking, which can impact prices.