On-chain analytics provider Spot On Chain highlighted a Bitcoin BTC/USD whale’s activity as the apex crypto is trying to hold on to the $62,000 mark.
What Happened: The platform reported that the Bitcoin whale deposited on a centralized exchange as the market dropped amid escalating geopolitical tensions The whale had reportedly accumulated a net 3,933 BTC (worth $234 million) from Binance between Aug. 29 and Sep. 15.
The whale then moved 750 BTC, valued at $46.3 million, back to Binance at a rate of $61,751 per BTC, today before the Bitcoin price dropped by about 3%.
The whale still holds 9,736 BTC, worth $601 million. The same wallet was observed in July when it dumped BTC worth $467 million in just 11 days.
Also Read: How To Trade Bitcoin During Geopolitical Tensions? Here’s One Whale Trader’s Approach
Why It Matters: With Bitcoin prices plunging to lows of $60,000, ByBit partner Justin Bennett cautioned investors to be careful with Bitcoin's relief rally. He pointed out that the failure at $64,700 has opened up sell-side liquidity and predicted that $57,000 remains open for business after the crypto king met tapped $60,000.
Another trader expects "at least one more run on the lows." He suggests that if there is a drop further then he will add more Bitcoin long positions as he continues to remain strong on altcoins.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
