Last week was a roller coaster for Bitcoin, and the beginning of August was also wild. First of all, BTC stayed above US$ 10,000. It even went from US$ 9,880 to US$ 12,030 before falling back to around US$ 11,000. Did Bitcoin whales have anything to do with this collapse of BTC yesterday? Find out here.
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Bitcoin whale activity since yesterday: Did they dump BTC?
According to Whale Alert’s top reports, these last few hours have not been very active for Bitcoin whales. Considering that there have only been five transactions, three of which have been to introduce BTC to different exchanges, we can’t necessarily say that the Bitcoin whales are to blame.
Specifically, 2,847 BTCs have been taken from unknown wallets to exchanges such as OKEx, Binance and Coinbase. Meanwhile, 2,200 BTCs have been taken from Bitstamp to unknown wallets.
Thus, a total of 5,047 BTCs have been moved by Bitcoin whales. 56.4% were introduced to exchanges for sale, increasing liquidity in the market, but not enough to explain the price change.
This could be explained by the fact that the whales have expectations that BTC will continue to rise, and that any decline is momentary.
Those who are introducing their BTCs into the market may want to take advantage of the fact that 95% of circulating Bitcoin tokens are now profitable, according to Glassnode.
About 95% of BTC in circulation is profitable
With the price of BTC exceeding US$ 10K during the past week, about 95% of Bitcoin tokens are now in a profitable state, in other words, the price of BTC has increased since these tokens were created.
This is optimistic, because it means that a large part of BTC holders are comfortable with profits. But they have chosen not to sell yet, which implies confidence that the price will continue to rise.
However, investors should temper this optimism about Bitcoin, and keep informed about movements in the global financial markets, as the latter have proven to be strongly correlated to cryptomonics in recent times.
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What other events have been happening?
For the last few days we’ve been commenting that the Bitcoin Rejoin tokens from the 2016 Bitfinex hack are still on the move. The most recent Whale Alert reports have shown that in the last 48 hours there have been four transactions with these funds, totaling 620,334856 BTCs.
The latter is equal to US$ 7,120,370.97 at the time of writing, considering that BTC has a value of US$ 11,478.27. This means that hackers have accumulated more than US$ 7 million in unknown wallets in only about two days. What will happen in the future with these funds? We have to keep up with it.