Bitcoin whales that have accumulated 1,500 BTC since 2023 have started taking profits, transferring 400 BTC equivalent to $47.11 million to Binance in the past 6 hours.
With an average purchase price of about $56,418 per BTC, this whale has made a profit of over $92 million, equivalent to 108% profit. Currently, the whale still holds 1,100 BTC worth $128 million.
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Bitcoin whales have accumulated 1,500 BTC and have begun to sell a large portion.
Current profits are estimated to reach 108%, equivalent to over $92 million.
The whale still holds 1,100 BTC worth $128 million.
How much BTC has the Bitcoin whale accumulated and what actions have they started?
According to on-chain analysis by expert Yu Jin, Bitcoin whales holding a large amount of 1,500 BTC from the 2023-2024 period have transferred 400 BTC to Binance in recent hours, marking the first profit-taking phase.
This action reflects the divestment trend of large whales as Bitcoin prices rise, creating attractive profit-taking opportunities from their large holdings.
How does the Bitcoin whale profit from this transaction?
The average purchase price of 1,500 BTC is approximately $56,418 per coin. As of now, the profit has reached nearly $92 million, equivalent to 108% of the initial investment.
Currently, the whale still holds an additional 1,100 BTC, estimated to be worth $128 million, indicating a strategy to hold most of the assets to continue monitoring the market.
The action of selling 400 BTC within 6 hours shows sensitivity in portfolio management, seizing the opportunity of price increase before market fluctuations.
Yu Jin, on-chain expert, July 2024
What does it mean for the cryptocurrency market when Bitcoin whales transfer BTC to Binance?
The move to transfer a large amount of BTC to an exchange is often seen as a signal that whales are preparing to sell, which can create short-term price adjustment pressure or trigger strong trading fluctuations.
The market is closely monitoring these activities to forecast Bitcoin price trends while assessing the sentiment of individual and institutional investors.
What are the benefits and risks of the profit-taking activities of whales in the cryptocurrency market?
Profit-taking by whales helps them protect their profits after a significant price increase while providing liquidity to the market. However, large amounts of BTC sold can cause price fluctuations or cool short-term upward momentum.
Investors should be cautious of these signals to ensure risk management, avoiding being affected by fluctuations due to whale activities.
How much BTC does the Bitcoin whale currently hold and what is its value?
After selling 400 BTC, the whale still maintains 1,100 BTC, valued at approximately $128 million at current prices. This indicates confidence in the long-term growth potential of Bitcoin from this whale.
Frequently asked questions
Who are Bitcoin whales and how do they influence the market?
Bitcoin whales are individuals or organizations that hold large amounts of BTC, which can significantly affect the price when making large transactions, thus impacting liquidity and volatility in the cryptocurrency market.
Does transferring BTC to an exchange mean immediate selling?
Not necessarily. Transferring BTC to an exchange is sometimes just a preparatory step for selling or quick converting, but it can also be used to provide liquidity or for other purposes.
How to track the activities of Bitcoin whales?
There are many professional on-chain tools and analysis reports from experts that help detect large movements on the Blockchain and Bitcoin whale wallets.
How does the profit-taking of Bitcoin whales affect small investors?
When whales take profits, the market can fluctuate significantly, causing prices to temporarily adjust or experience large swings. Small investors need to have appropriate risk management strategies.
How is the average BTC price calculated?
The average price is calculated based on the total investment value divided by the total number of BTC purchased, helping whales assess their profit or loss accurately.
Source: https://tintucbitcoin.com/ca-voi-chuyen-400-btc-den-binance/
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