Significant Bitcoin transaction by a long-time investor worth $116 million stirs market, sparking worries about potential market instability or crash.
In the world of cryptocurrencies, significant movements have been observed recently, particularly in the Bitcoin market. According to CryptoQuant, the balance change for Fish and Sharks (smaller and larger holders, respectively) has climbed to 62.5k BTC, with a notable addition of 12k BTC in just three days. This accumulation by large players, such as whales, is a clear bullish signal, as Bitcoin continues to rise.
At press time, Bitcoin is trading at $111,151, having risen 1.24% on daily charts. If the coins transferred by dormant whales end up on exchanges, it could potentially see prices retrace to $115,203. However, if whales continue to accumulate, BTC could reclaim $118,102 and push toward $119,352.
A dormant whale has been active, moving 1,000 BTC worth $116.88 million. This whale had received its 1,000 BTC at a price of $847, locking in a profit of over $116 million. Meanwhile, a newly created whale wallet received 5,817 BTC worth $678 million from FalconX. These significant transfers are likely from major cryptocurrency investment funds, hedge funds, and possibly large-scale crypto exchanges or whale wallets associated with institutional traders.
The supply-adjusted dormancy spiked to 0.0000012 on the 15th of September, then retraced to 0.00000114 on the 16th, suggesting some old BTC moved. However, Bitcoin's Exchange Netflow stayed negative for four consecutive days, with one positive print in the last eight, indicating more outflows compared to inflows.
In other news, the U.S. CBDC ban moves forward amid GOP-Democrat tensions. This development, while not directly related to the Bitcoin analysis, is a significant event in the broader cryptocurrency landscape.
Lastly, Coinbase CEO has hailed Google's stablecoin payment system as "really cool." This endorsement from a major player in the cryptocurrency industry could potentially boost the industry's reputation and attract more institutional investors.
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