Large investors, often referred to as “whales,” have begun to exhibit actions that suggest an impending sell-off, thereby challenging the positive trend of Bitcoin’s (BTC) value.
Given Bitcoin’s previous performance in October, often referred to as “Uptober,” the cryptocurrency community had been anticipating a continuous rally during this month. But rising selling pressure, mostly due to whale activity, now challenges these hopes.
Popular blockchain Whale Alert claims that a noteworthy Bitcoin whale recently moved 3,333 BTC, worth around $213 million, from a private wallet to Coinbase, the biggest cryptocurrency exchange in the United States.
Bitcoin Whale Activity
Whales usually keep their money in secret wallets for long-term investment, indicating they have no imminent plans to sell. But the move to a public exchange like Coinbase suggests that this investor might be ready to sell some of their assets.
Such an action could immediately affect the price of Bitcoin, since large sales sometimes generate short-term negative pressure. The price of BTC has already responded with a small dip, declining 2.57% during the past 24 hours.
Despite the slight drop, the timing has alarmed traders who had anticipated a strong upward surge for the rest of the month. BTC is trading at $64,058 despite the selling pressure—a vital support level.
The cryptocurrency depends on keeping its current price since it has encountered opposition in this range throughout previous trading events. Some analysts see this as a positive indication, implying that Bitcoin is still strong even with more sales activity.
Whale movements, though generally seen as bearish in the near term, are not always an indication of trouble for Bitcoin in the long run. It’s possible that many large investors are simply profiting from a period of significant increase.
Given the volume of these transactions, the market is wary and closely watches Bitcoin’s capacity to keep above important pricing levels as October advances. Whether BTC can keep its momentum or not will probably depend on how the market responds to these significant sell-offs.
