Bitcoin: The world of cryptocurrency is always full of exciting stories and big ups and downs. Recently, a similar scene was seen once again when a big investor, i.e. “Whale”, who had been holding his Bitcoin for a long time, suddenly started selling BTC in large quantities. This move has created a stir in the market and created an atmosphere of restlessness among investors.
Sudden huge transfer from 8-year-old wallet
According to the information, a bitcoin wallet that was inactive for the last eight years suddenly became active. From this wallet, 1,176 BTC, valued at around $136 million, were transferred to a trading platform called Hyperliquid. This move indicates “dumping” in the market, i.e. selling in large quantities.
Not only this, this is the same wallet that bought Ethereum worth about $4 billion by selling about 36,000 BTC in the month of August. After remaining quiet for two weeks, this whale again entered the market and forced investors to think.
Shifting from BTC to ETH what is the intention
According to crypto analyst platform Lookonchain, this bitcoin whale sold 35,991 BTC and bought Ethereum. However, at present, if it converts ETH to BTC again, then it will have to suffer a loss of about 460 BTC, which is worth about $ 53 million.
The most interesting thing here is that the ratio of ETH and BTC (ETH to BTC ratio) has been running below 0.05 since July 2024 and is currently at 0.0401. This ratio reached its peak of 0.14 in 2017. It is clear from this fluctuation that there is still volatility in the market and big investors are playing an important role in determining its direction.
Bitcoin stuck at $116K
Bitcoin is currently struggling at the $116,000 level. This is the first time this level has been touched in three weeks, but it is proving difficult to hold above it reliably.
In the last 24 hours, the price of BTC has ranged between $115,000 and $116,182. However, it is still about 7% below the August 14 high of $124,000. This shows that at the moment Bitcoin is stuck in a kind of “resistance zone” and is waiting for the next big jump.
Activity of old whale wallets increased
Not only this, other large wallets have also shown sudden activity in the last few weeks. For example, a wallet holding about 445 BTC, which had not made any transaction for about 13 years, recently woke up and sent some of it to the Kraken exchange.
In addition, in early September, another wallet, which had about 480 BTC and which was inactive since 2012, also made a sudden transaction. However, it is believed that it has only transferred its funds to a new address.
Will BTC move towards $150K
Market experts believe that all this hustle and bustle is just a preparation before a big movement. Many crypto analysts claim that Bitcoin may see “one more big thrust” i.e. another big jump, which can take it to the level of $150,000.
But at the same time, the pressure on Ethereum is also increasing continuously. If big whales adopt the strategy of selling BTC and buying ETH, then certainly the direction of both coins will become more interesting for investors in the coming days.
Lesson for investors
History is witness that whenever old wallets are suddenly activated in big cryptocurrencies like Bitcoin, there is a big stir in the market. This makes it easier to understand in which direction the “smart money” i.e. experienced investors are shifting their attention.
However, such activities do not always serve to spread fear or bring down prices, but many times it is also a sign of a big opportunity. Therefore, it is most important for investors not to get caught in short-term fluctuations and make their strategy keeping the long term in mind.
Disclaimer: This article is written for the purpose of sharing information only. Do not consider any information given here as financial advice. The cryptocurrency market is highly volatile, so do your research or consult a financial advisor before investing.
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