Whales dominate the crypto world, with some wallets holding thousands of Bitcoin. One of those whales has come out of hiding and has moved a staggering 8,884 Bitcoin to Coinbase – a move that’s got the crypto market rather spooked. On June 4th, a whale moved just over 25,000 BTC to Coinbase and was blamed for causing the market to suddenly dump. So far, the whale hasn’t placed any order on the open markets, leaving the crypto markets to carry on trading positively.
Could This Whale Trigger a Sell-Off?
Usually, whales that have so much Bitcoin to trade on OTC exchanges do so to avoid manipulating the market and causing the price to crash, so it comes as a bit of a surprise that this whale has opted for Coinbase. If this whale does indeed float a large amount of Bitcoin onto the open market, shorters could have a field day as the markets crash all around. If this whale sells as much as 500 BTC on the open market, it could be the end of the Bitcoin rally that we’ve been enjoying lately.
Other Whales Shifting Large Volumes
It’s not just this one whale that’s moving large amounts of Bitcoin around. Over the past few days, Whales have moved more than 40,000 BTC between wallets and exchanges. A large portion of these transfers are from unknown wallets to other unknown wallets, hinting at rather large purchases or whales keeping their crypto safe by moving it to new wallets. The whales appear to be planning something, but for now it’s still largely unclear as to what they’re up to.
Bitcoin Rising Higher
As Bitcoin surges higher, certain questions begin to surface. Eventually, these whales will all sell their Bitcoin so that they can realize their profits, with timing being key. As soon as these whales make their move, crypto markets will tumble. This creates a whale game of chicken, with the first one to make the move being the one to take all the profit. However, if the whales sell too early, they could miss out on a huge amount of profit, meaning nobody has any clue when or where this rally will end.
Will we see a new all-time high for Bitcoin this year? If markets carry on climbing at this rate we could see a new all-time high before the end of August. If a whale decides to sell all of their crypto – or even just a large chunk for that matter – then the momentum could be all over and spell the beginning of another crypto winter.