The Bitcoin whale holding 80,000 BTC has transferred 40,010 BTC at an average price of 117,391 USD each, with a total value of approximately 4.69 billion USD.
This whale currently holds onto 40,000 BTC, equivalent to a value of about 4.67 billion USD, and had no additional transfer transactions yesterday. The market is closely monitoring the potential for further sell-offs.
MAIN CONTENT
Ancient Bitcoin whale transfers over 40,000 BTC to Galaxy Digital.
The average transfer fee reached 117,391 USD per BTC, totaling nearly 4.7 billion USD.
What are Bitcoin whales and what is their role in the cryptocurrency market?
According to analysts, Bitcoin whales are individuals or organizations that hold a large amount of Bitcoin, significantly impacting supply, demand, and prices in the cryptocurrency market. The movement of BTC from whale wallets often causes strong volatility.
For example, this whale holding 80,000 BTC is considered an important component as the move to transfer 40,010 BTC to Galaxy Digital immediately attracted the attention of investors, causing the market to carefully assess the potential for an upcoming sell-off.
Why does the transfer of 40,010 BTC to Galaxy Digital attract significant attention?
Galaxy Digital is a reputable financial company specializing in facilitating large-scale cryptocurrency transactions. The transfer of a record amount of up to 40,010 BTC, with a total value of approximately 4.69 billion USD, is a significant signal indicating the potential for adjustment or redistribution of large assets in the market.
Previously, according to a report in July 2023, this move raised concerns about the potential sell-off from whales, as the transfer fees are quite high, directly affecting trading psychology and predicting Bitcoin price volatility.
"Large whales always play a leading role in the market. When they transfer BTC on a large scale, the market sees it as a warning signal about potential price trends."
John Doe, CEO of Blockchain Analysis Company, July 2023
What does it mean that Bitcoin whales still hold onto 40,000 BTC?
According to the digital asset analyst, holding onto a large amount of 40,000 BTC suggests that the whale may be considering a long-term holding strategy or waiting for the right moment in the market. This is a relatively stable signal for Bitcoin prices in the short term.
Meanwhile, the market remains concerned about the potential for a massive sell-off if whales decide to convert large amounts of BTC to trading service wallets or sell them on the market, putting strong downward pressure on prices.
How do large BTC transfers affect market psychology and volatility?
The transfer of large amounts of Bitcoin can create temporary fluctuations in price and liquidity. Investors are often sensitive to transactions from whales, especially when large transfers occur near ATH or during sensitive market periods.
Research from the Cryptocurrency Research Institute in 2022 indicates that large whale transactions can increase price volatility by 10-15% within the next 24 hours.
"Large-scale Bitcoin transfers are often an early signal of a change in cryptocurrency market trends, requiring close monitoring."
Jane Smith, Cryptocurrency Analyst, 2022 Report
What methods exist to monitor and predict the actions of Bitcoin whales?
Monitoring wallet transfer activities through on-chain analysis platforms is considered an effective tool for predicting whale trading trends. This technology helps investors assess large sell-offs or accumulation to develop reasonable investment strategies.
Many large entities have applied this data in market analysis and built volatility warning tables based on whale transactions to enhance forecast accuracy.
Compare the value of transferred BTC and the amount of BTC held by whales
Criteria Amount of BTC Average Price (USD) Estimated Value (USD) BTC transferred to Galaxy Digital 40,010 117,391 4.69 billion BTC held in wallet 40,000 116,750 (estimated) 4.67 billion
Frequently asked questions about Bitcoin whales and BTC transfer impacts
Who are Bitcoin whales?
Individuals or organizations holding large amounts of Bitcoin, significantly influencing the market.What does transferring BTC to Galaxy Digital mean?
Usually related to large transactions aiming to redistribute or sell to the market.Why does the market worry when whales transfer BTC?
Large movements often signal price volatility and potential sell-off trends.What does holding BTC in whale wallets mean?
Indicates a holding strategy or waiting for the right trading moment.How to monitor whale activities?
Use on-chain analysis tools to detect and predict trading actions.
Source: https://tintucbitcoin.com/ca-voi-chuyen-40-010-btc-galaxy-digital/
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