Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018
Bitcoin (BTC) worth over $600 million moved for the first time since the last bear market on Oct. 18, analysis has revealed.
In a Twitter thread, monitoring resource Whalemap flagged a transaction involving 32,000 BTC.
In the latest sign that current spot price is affecting the behavior of even longer-term holders, a whale entity who purchased BTC near the pit of the last bear market appears to have sold.
According to Whalemap, 32,000 coins left their wallet for the first time since December 2018 this week.
“32,000 Bitcoins belonging to a whale wallet moved yesterday. They were dormant since Dec 2018,” the Whalemap team wrote in accompanying commentary.
While it is unknown exactly what was behind the decision, Whalemap was quick to argue an alternative perspective to the classic bear market narrative — major investors capitulating at the lows. The team added:
Despite BTC/USD being down over 70% from all-time highs, the 32,000 BTC stash would have made a significant profit, having been purchased at $3,900.
Four years later, they are worth $612 million versus the roughly $124 million paid.
Continuing, Whalemap noted that due to the popularity of the 2018 lows as a buy-in point, that price zone represents a significant area of support.
“Not many people know about this but a lot of Bitcoin was accumulated by whales exactly in the region that the above transaction is coming from,” it wrote.
Signs that even $19,000 is becoming popular as a BTC trading or investment play are coming from exchanges this month.
Related: Here’s what could spark a ‘huge BTC rally’ as Bitcoin clings to $19K
Data from on-chain analytics firm Glassnode shows that over the past few days, major exchanges have seen their BTC balances decreasing more per day
Read more on cointelegraph.com
