Prominent Whale Embarks On A Massive BTC Sell-Off
Bitcoin Whale’s Selling Spree
On-chain data indicate that a notable Bitcoin investor is selling substantially. According to data from Lookonchain, this anonymous investor swapped their BTC for ETH before ultimately converting it to wrapped Bitcoin (wBTC).
The whale successfully sold 411 wBTC for $15.2 million, indicating an average price of $37,023 per Bitcoin. However, based on the current market price, the whale’s cryptocurrency wallet still retains 155 wBTC, worth approximately $5.74 million.
Meanwhile, insights from IntoTheBlock data reveal 111 bullish addresses, characterized by their involvement in buying more than 1% of the trading volume in the last 24 hours. In contrast, the data identified 114 bearish addresses based on their selling of over 1% of the daily traded volume.
Large Transactions And Market Dynamics
Moreover, the market has experienced numerous large transactions (those exceeding $100,000). Over the last 24 hours, approximately 12,430 large transactions have occurred, while there was a 7-day peak of 22,570 large transactions between November 2 and 9.
The cumulative volume of these large Bitcoin transactions over the past day amounted to 589,590 BTC (or $21.81 billion), while the 7-day high reached 1.06 million BTC (or $39.02 billion). These recent market dynamics have inevitably impacted the price of Bitcoin.
As of the latest data from CoinGecko, Bitcoin is trading at $36,687 and is down 1% over the past day. Meanwhile, analysts agree that the impending decision on Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) will cause a surge in the price of the leading cryptocurrency.
With a crucial November 17 deadline approaching, there is widespread anticipation within the finance ecosystem that the SEC may approve multiple Bitcoin ETFs simultaneously, which would be a significant development for the crypto market.
MicroStrategy Won’t Sell Its BTC Holdings – Saylor
MicroStrategy chairman Michael Saylor remains adamant that the company won’t sell any of its BTC holdings even though they are now in unrealized profits of more than $1 billion. Saylor, a prominent figure known for his significant Bitcoin investments, emphasized the company’s BTC holdings are a long-term investment compared to traditional assets.
Saylor explained that MicroStrategy’s strategy regarding BTC is to keep accumulating and holding it rather than engaging in trading or diversification. MicroStrategy started acquiring BTC in 2020 with a purchase of 17,732 BTC when Saylor was the company’s CEO. However, the company has grown its holdings to 158,400 BTC at the time of writing.
Saylor pointed out that Bitcoin has outperformed conventional asset classes, citing a 192% increase in value since August 10, 2020. He also highlighted Bitcoin’s superior performance compared to gold, stocks, and bonds.
Saylor’s Perspective On Bitcoin’s Future
Addressing concerns about Bitcoin’s volatility and its role as a currency, Saylor stated that Bitcoin is more of a “digital property” than a digital currency. He argued that Bitcoin can replace currency derivatives and weaker assets as it is a superior store of value and a hedge against economic uncertainty.
Saylor advised bond and stockholders to sell their holdings and use the earnings to invest in BTC, as the crypto asset’s value will keep appreciating. In a speech at the recent Australia Crypto Convention, Saylor predicted a potential tenfold surge in demand for Bitcoin within the next 12 months.
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