Sleeping Whale Shifts $44 Million worth of BTC as Its Price Reaches $64 Thousand
Bitcoin (BTC) finally managed to successfully climb above $64,000 today. Amidst the recovery in prices, a wallet that had been dormant for over a decade has come to life. Moreover, the dormant Bitcoin whale transferred its entire BTC reserve worth approximately $44 million.
Sleeping Bitcoin Whale Makes Big Transfer
According to blockchain monitoring platform Lookonchain, an inactive Bitcoin whale recently transferred a staggering amount of 687.33 BTC to two unknown wallets on Monday. The total value of the transactions was $43.94 million. One transaction constituted the transfer of 625.42 BTC worth $41 million.
The other transaction shifted 61.9 BTC, equivalent to about $4 million at the time. The whale, which has been inactive for 10.3 years, first received this large amount of Bitcoin on January 12, 2014, when the cryptocurrency was worth $917 per coin. At the time, the whale’s BTC reserve was worth only $630,000. This indicates a huge profit of 6,875%.
However, this transfer also raises concerns about a possible sales wave. The sudden transfer may have been made in an attempt to drain huge Bitcoin reserves amid the recent price recovery. Moreover, the Bitcoin whale’s profit is huge, which strengthens the possibility of a decline.
If such a sell-off occurs, it has the potential to negatively impact Bitcoin price amid the recovery. Moreover, a decline or sideways movement may occur, presenting an opportunity to Bitcoin bears. In addition, shorts are trying to limit their losses in preparation for a short squeeze, which can further increase volatility.
Also Read: Bitcoin Price Analysis: Breaking Correction Pattern Indicates BTC Will Rise to $73K in May
BTC Price Tops $64,000
After several attempts to maintain the $64,000 level, Bitcoin finally succeeded. As of press time, the BTC price rose 1.06% to $64,296.60 on Monday, May 6. Meanwhile, crypto had a massive market cap of $1.26 trillion. In contrast, Bitcoin’s 24-hour trading volume fell 7.49% to $18.27 billion.
While BTC rebounded with significant gains, short positions accounted for approximately 95% of total liquidations, according to Coinglass. However, the liquidations were not as serious as seen in recent days. Therefore, the impact of a short squeeze may be limited, but an increase in the value of BTC may be recorded due to sudden buying pressure resulting from short sales.
Currently, Bitcoin price is trading well above the 50-day and 100-day EMAs at 63,927 and 60,191, according to Trading View. This shows that the BTC price trend is bullish in the short and long term. However, the possibility of minor corrections is not excluded.
Also Read: Bitcoin Blockchain Settles One Billionth Transaction, Next Billion Coming Soon
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