Bit Whale Plays with 31,000 BTC: How Will Prices Be Affected?

Bit Whale Plays with 31,000 BTC: How Will Prices Be Affected?

Bitcoin whales have moved more than 31,000 BTC from their cold wallets, according to blockchain intelligence firm Arkham. So, could this have a negative impact on Bitcoin (BTC) price momentum?

After transferring 31,000 Bitcoins worth more than $822 million to cold wallets, they hold Bitcoin (BTC) in these two wallets:

31pCdkyF6Ep8UkzpkWpv3SMbY3C5s7VhXL: 20,000 Bitcoins (BTC) 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN: 11,200 Bitcoins (BTC)

The trading firm’s Bitcoin (BTC) holdings have been stored in inactive wallets since late 2022. In early October 2022, these wallets received a massive 21,600 Bitcoin (BTC) direct from popular exchanges Binance and Huobi.

Notably, as one of the leading cryptocurrency exchanges, Binance plays an important role in facilitating the trading house’s Bitcoin (BTC) transactions.

The trading firm has withdrawn another 15,000 bitcoin (BTC) from its Binance account since leading cryptocurrency exchange FTX temporarily halted withdrawals in early November. This withdrawal helps move funds from active trading accounts to their cold wallets, increasing security and control over their Crypto assets.

Bitcoin (BTC) Price Chart

Bit Whale Plays with 31,000 BTC: How Will Prices Be Affected?

Bitcoin (BTC) whale trades like this significantly influence market trends through massive buy and sell orders and market manipulation tactics.

Bitcoin (BTC) regained most of its losses after falling to $26,500 last week and held above $27,000 over the weekend. It got off to a more positive start to the week, posting a multi-day high of $27,500 on Tuesday.

However, the bears seized on the action and did not allow further gains. Instead, they’ve pared assets down to around $26,000.

The leading crypto’s 24-hour trading volume currently stands at $15,928,373,313, according to live tracking by CoinmarketCap.

Source of information: Compiled from KOINBOX by 0x Information.The copyright belongs to the author Hüseyin Özlan, and shall not be reproduced without permission

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