Bitcoin Whale Sells 2,742 BTC for $75 Million in Profit

Date: 2024-01-13 Author: Dima Zakharov Categories: IN WORLD
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Bitcoin Whale's Lucrative Sale

A Bitcoin whale recently realized a $75 million profit by offloading 2,742 BTC holdings. This strategic move caught the attention of investors, as it represented a 41% return on the initial investment of $127.7 million. The whale's decision to lock in profits coincided with the launch of Bitcoin spot ETFs. While some experts believe this action aligns with the "sell on news" scenario, long-term prospects for these instruments are expected to support a bullish trend.

Market Observations

The actions of Bitcoin whales like this one are indicative of a broader trend, as noted by Ki Young Ju, the CEO of CryptoQuant. He observed that Bitcoin whales are increasingly adopting a risk-averse stance and withdrawing from derivative exchanges, implying a reduction in leveraged positions within the cryptocurrency market.

CryptoQuant's Inter-Exchange Flow Pulse (IFP), a tool tracking Bitcoin flow between spot and derivative exchanges, serves as a market sentiment indicator. An influx of Bitcoin into derivative exchanges often corresponds to a bullish sentiment, while outflows signal a potential bearish trend.

Potential Market Shift

Recent shifts in whale behavior and the decline in IFP below its 90-day average value are historically associated with market reversals. These developments carry significant implications for investors, potentially prompting a reassessment of their investment strategies ahead of a potential Bitcoin correction.

Disclaimer

Please note that all information presented on our website is provided for informational purposes only and with the utmost fairness and objectivity. Readers are solely responsible for their actions based on the information obtained from our website.
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