Bitcoin whales are starting to move again.
A wallet that had been inactive for more than 4 years just moved 4,500 $BTC, worth around $375M at current prices.
Almost the entire balance was transferred to a new address, but the BTC was not sent to a known exchange, so this doesn't necessarily mean the whale is selling.
Still, this is something I’m keeping an eye on.
With this wallet and some other large wallets becoming active, I think Bitcoin could see more downside before the next strong recovery.
My main levels on the downside are:
$79,700 — first important area I’m watching.
If selling pressure continues, $75,300 becomes the next major level.
The 4,500 BTC was worth around $187M when it entered the wallet in 2022, so the holder is currently sitting on a very large unrealized gain.
We don't know whether these coins are being moved for custody reasons or whether another transaction is coming.
But with whale activity increasing, I’m staying cautious here and watching $79.7K and $75.3K as the possible downside targets.
#RobinhoodAdds$25MInBitcoinToBalanceSheet
A wallet that had been inactive for more than 4 years just moved 4,500 $BTC, worth around $375M at current prices.
Almost the entire balance was transferred to a new address, but the BTC was not sent to a known exchange, so this doesn't necessarily mean the whale is selling.
Still, this is something I’m keeping an eye on.
With this wallet and some other large wallets becoming active, I think Bitcoin could see more downside before the next strong recovery.
My main levels on the downside are:
$79,700 — first important area I’m watching.
If selling pressure continues, $75,300 becomes the next major level.
The 4,500 BTC was worth around $187M when it entered the wallet in 2022, so the holder is currently sitting on a very large unrealized gain.
We don't know whether these coins are being moved for custody reasons or whether another transaction is coming.
But with whale activity increasing, I’m staying cautious here and watching $79.7K and $75.3K as the possible downside targets.
#RobinhoodAdds$25MInBitcoinToBalanceSheet