In the Lookonchain report, a Bitcoin whale was identified to have sold 200 BTC for $11.6 million. The whale had not been seen active for the last five months. This whale is said to have been buying BTC at low prices. And selling them at market prices and has been making profits repeatedly.
Currently, the whale holds 2,800 BTC, valued at $164.4 million, with total profits exceeding $168 million from previous transactions. The transaction occurred at a time when Bitcoin’s price was close to $59,000. It indicates that the whale was able to seize the opportunity during the current market peaks.
The current Bitcoin price is almost $59,000, which is a positive trend since the September decline. The whale’s decision to sell in this particular price surge shows a strategical move in the market, “selling when an asset hits a near-peak.”
Dormant Wallets Reactivate with Significant Profits
Another significant sale includes 203 BTC worth $12.18 million that was transferred to seven inactive wallets to Binance. These wallets had been dormant for more than a year. BTC was bought earlier for $5.29 million in the period between March and August 2023. This reactivation generated a profit of $6.89 million.
However, as we all know, sending large amounts of Bitcoin to exchanges such as Binance usually indicates an intention to sell. And it creates rumors and changes the market. Large transactions by dormant wallets can also lead to market fluctuations as traders try to respond to the changes in the supply of Bitcoin.
This transaction took place at the time when Bitcoin was trading at $60,000, demonstrating that long-term investors sell at such prices. It was also reported that another crypto asset management company, Ceffu, also made large deposits at Binance within the past 24 hours.
The firm deposited 28,865 ETH, worth $66.74 million, and 450 BTC, valued at $26.5 million. Ceffu is currently holding 10,737 BTC worth $628 million and 178,687 ETH worth $411 million. However, another deposit was detected on Ceffu on September 13th, where the firm transferred 3,123 BTC worth 181 M to Binance.
Bitcoin Price and Market Performance
As of this moment, Bitcoin is trading at a price of $59,976.66, with a percentage increase of 0.70% over the last 24 hours. Bitcoin price performance is now between a low of $57,501.34 and a high of $59,071.89, showing a price increase.
1-day Bitcoin trading chart: source Coinmarketcap
However, its trading volume has also increased by 4.54% now, reaching $27.99 billion. This increase in trading volume clearly shows strong market demand for Bitcoin. Traders are still responding positively to the upward movement.
Bitcoin’s current market recovery from the previous bear market is still a positive factor for traders and investors. But as long as major holders are making large transactions with market whales, the near-term price of Bitcoin will continue to experience fluctuations.
