BitInfoCharts data on Thursday shows that the former 3rd largest off-exchange whale has emptied its wallet after sending out all its holdings to exchanges over the last three days.Â
Tweets from Whale Alert, a blockchain tracking system, show that the unknown whale on Thursday transferred about 29k BTC in four transactions executed in quick succession. The whale first made three transactions of over 8k BTC before making the final transaction of 4007 BTC moments later.
As reported by The Crypto Basic, the same whale had transferred 46,000 BTC and 15,500 BTC in the last two days, fueling speculations that it was deciding to leave the market and a dump was coming soon. It is worth noting that whale movements have historically proven to be good indicators of future price movements.
No Need To PanicÂ
While Whale Alert has identified the receiving Bitcoin address as belonging to a Coinbase hot wallet, indicating a desire of the whale to sell, CryptoQuant chief Ki Young Ju believes the on-chain data says otherwise.
According to Ki, in a Twitter thread on Wednesday, the transactions represent an internal transfer to a Gemini custodian wallet as he believes the addresses have been mislabeled.Â
“This one is just an internal transfer to “1LQoW…” which might be a cold wallet or custodian wallet, highly likely owned by @Gemini,” tweets Ki. “What’s obvious is that it’s not a user deposit to exchange hot wallets for selling $BTC. Not at all.”
This is FUD.
This one is just an internal transfer to "1LQoW…" which might be a cold wallet or custodian wallet, highly likely owned by @Gemini.
What's obvious is that it's not a user deposit to exchange hot wallets for selling $BTC. Not at all. https://t.co/ieLJ7QEw5T pic.twitter.com/1ianKMwKoW
— Ki Young Ju (@ki_young_ju) July 20, 2022
Notably, the CryptoQuant chief updating the thread today as the whale address empties its wallet notes that the transfer appears to be completed.Â
This internal transfer seems to be finished soon.
The rest of the $BTC held by "1P5Z…" moved to "1LQo…" Now, this new cold wallet has 103k BTC, and 29k BTC might be added more from "1FzW…"
Let me know if you still believe the narrative "n-th biggest whale is selling BTC." pic.twitter.com/cFJJhuu9g4
— Ki Young Ju (@ki_young_ju) July 21, 2022
It is worth noting that the crypto markets have had an impressive run this week as Bitcoin again tapped the $24k price point and the entire market cap reached above the $1 trillion mark once again. Notably, the move saw Bitcoin break its longest extreme fear streak of 73 days as it pushed past the significant 200 WMA resistance.
At the time of writing, Bitcoin is trading just below the $23k price point, up 13.91% in the last seven days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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