As Bitcoin’s value plunges nearly 20%, cryptocurrency whales have been actively accumulating over $50 million in Bitcoin.This significant accumulation occurs in the wake of the introduction of spot Bitcoin ETFs in the United States.“A Bitfinex whale has been non-stop TWAP buying BTC for 3 days,” reports a pseudonymous analyst, highlighting the aggressive accumulation.
In a strategic response to recent market dips and ETF introductions, Bitcoin whales have accumulated significant BTC holdings, indicating a potential shift in the cryptocurrency market dynamics.
Whales’ Response to Bitcoin’s Price Drop and ETF Introductions
Following the launch of spot Bitcoin ETFs in the United States, Bitcoin has experienced a nearly 20% drop in value. This market downturn, however, has not deterred cryptocurrency whales, particularly on Bitfinex, from accumulating substantial amounts of Bitcoin. As BTC prices fluctuated around $40,100, recovering from a low of just under $38,000, these large investors have reportedly added over $50 million of BTC to their portfolios in just three days.
Significance of the Premium on Bitfinex

TradingView data, as reported by COINOTAG, shows Bitcoin trading at a $100 premium on Bitfinex compared to other exchanges. This premium is indicative of the high demand for Bitcoin on this platform. The aggressive buying strategy of a notable Bitfinex whale, employing the Trade-Weighted Average Price (TWAP) method, has been a key factor in this phenomenon. This approach minimizes market impact by spreading large orders over time.
Broader Market Implications and JPMorgan’s Analysis
The recent activities of Bitcoin whales, coupled with the FTX bankruptcy estate’s sales and withdrawals from the Grayscale Bitcoin Trust (GBTC), have caused notable market fluctuations. JPMorgan analysts express concern that the excitement around Bitcoin ETFs might not meet market expectations, potentially deflating the recent cryptocurrency rally. Furthermore, with a Bitcoin halving event approaching later this year, which typically leads to a rally as the supply of new coins halves, the market is poised for more volatility.
Conclusion
The recent accumulation of $50 million worth of Bitcoin by whales amidst a price drop and the introduction of ETFs signals a significant shift in market dynamics. While this aggressive accumulation reflects confidence by some investors, the broader market remains cautious, with industry experts like JPMorgan analyzing potential impacts. The upcoming halving event adds another layer of complexity, making the future of Bitcoin’s market more intriguing.
$BTC #BitcoinWhale

According to recent #BlockchainData , a long-dormant #BitcoinWhale has reawakened after more than a decade of inactivity.
Activation of a Sleeping Address After 10.7 Years
The blockchain monitoring tool Whale Alert reported the activation of a "sleeping" address containing 41 BTC, currently valued at $2.6 million. This address had remained inactive for over ten years.
Trend of Reviving Old Wallets
This activation is part of a broader trend where long-dormant Bitcoin wallets, often associated with early adopters or miners, are being brought back to life. This particular whale hadn’t moved any Bitcoin for over 10 years, a period during which Bitcoin saw massive price growth.
Bitcoin Market Cycle
This sudden movement aligns with the current market cycle, which is unfolding across the broader crypto space. In a recent tweet, CryptoQuant's CEO Ki Young Ju shared his perspective on the Bitcoin market cycle, which consists of three phases.

First Phase: Old whales become new whales. The activation of long-dormant wallets supports this trend.Second Phase: New whales become small #investors .Third Phase: Small investors hold their Bitcoin long-term, eventually becoming old whales.
Normal Bitcoin Flow to Exchanges
Ju also noted that the flow of bitcoin to exchange wallets remains at normal levels, unlike during the last bear market.
Bitcoin Price Developments
#bitcoin☀️ tested the $64,000 mark again on October 1st, hitting a new monthly high for September. The monthly close at $63,300 marked a 7.3% increase in Bitcoin’s price, making September the best month in Bitcoin’s history.
$BTC Bitcoin dropped to a low of $62,833 on the last day of September but rebounded shortly after. At the time of writing, its price had risen 0.22% in the last 24 hours to $63,991, after reaching intraday highs of $64,106.
Possible Preparation for Another Bull Run ( #bullrun2024📈📈 )
An analysis by CryptoQuant suggested that the market may be gearing up for another upward trend. They pointed out that indicators like the Exchange Flow Multiple were at very low levels before the rise in 2023. Current levels of these indicators are similarly low, which could signal that the market is preparing for another upward trend.

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

In the world of cryptocurrencies, any news about big transactions involving Bitcoin (BTC) can cause a stir in the market. Lookonchain, a blockchain analytics platform, reported today that a BTC whale has transferred a massive amount of Bitcoin to Binance. The whale moved 2,500 BTC, worth around $62 million, to Binance just 30 minutes ago.

This transaction has caught the attention of many investors and traders, as it indicates that the whale might be planning to make a move in the market. The transfer was made from the address 3Qrx7c1f2SmubFMJvKJnFW37YwacQmxDqq, which is one of the largest Bitcoin addresses with over 17,000 BTC. The owner of the address is not known, but it is speculated that it might belong to an institutional investor or a high net worth individual.

What’s interesting about this transfer is that the whale received a total of 15,762 BTC from two major cryptocurrency exchanges, Huobi and Binance, on three different occasions in the past. The transactions took place on Oct. 5, Nov. 11, and Dec. 1, 2022, with an average receiving price of $19,967. This means that if the whale decides to sell the BTC at the current price of $24,862, he could make a profit of $12.24 million.

The cryptocurrency market is known for its volatility, and any large transaction can have a significant impact on the price of Bitcoin. While it’s difficult to predict how this transfer will affect the market, traders and investors are keeping a close eye on the situation.

The transfer to Binance also indicates that the whale might be planning to sell his BTC on the exchange or use it for other purposes. Binance is one of the largest and most popular cryptocurrency exchanges in the world, with a daily spot trading volume of over $36 billion. It’s also known for its high liquidity, making it an ideal platform for traders and investors to buy and sell cryptocurrencies.

The transfer of 2,500 BTC by a whale to Binance has sparked interest and speculation in the cryptocurrency community. While the owner of the address remains unknown, the transaction shows that the whale might be planning to make a move in the market. As always, traders and investors need to keep a close eye on the situation and monitor any changes in the market.

#BTC #Bitcoin #BitcoinWhale #Binance #Whale

This article was republished from azcoinnews.com

According to Whale Alert, a long-dormant Bitcoin address from the early days of Bitcoin has been reactivated, bringing a staggering gain of 169,358,650%.
Historic Address with 50 B$BTC Reactivates After Over 14 Years
An address holding 50 BTC, now worth nearly $3.39 million, has been reactivated after 14.3 years of inactivity. Back in 2010, these bitcoins were worth only $2.
Whale Alert noted that the address is from the "Satoshi era," a period when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was still active in the crypto community. The identity of this whale remains unknown, leading to speculation about their motives after holding BTC for so long.
Early Miner or Rediscovered Keys?
According to the on-chain analysis platform Lookonchain, the address likely belonged to an early miner who earned 50 BTC through a block reward on July 13, 2010. Lookonchain shared in a tweet that this miner moved the 50 BTC, now worth around $3.05 million, after over 14 years.
The exact reason for the activation is unknown, but the whale might have decided to cash out after Bitcoin’s dramatic increase in value over the past 14 years, or perhaps the miner simply rediscovered the wallet keys.
Bitcoin Price and Current Macroeconomic Situation
On Thursday, cryptocurrencies surged, offsetting a recent slight decline after Bitcoin’s unsuccessful attempt to reclaim the $70,000 level. Bitcoin’s price rose by 1% over the last 24 hours, hovering around $67,508.
In the macroeconomic arena, traders are closely monitoring comments from Federal Reserve members about a potential 50-basis-point rate cut in September and further developments.
According to CME’s FedWatch, there is a 97% chance the Fed will cut rates by 25 basis points in November.

#BTC☀ , #SatoshiNakamoto , #BitcoinWhale , #Cryptocurrencies , #CryptoTransaction

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“