Bitcoin Whale Dumps Over 1K BTC As Price Hits $63K, More Selloff Ahead?

A recent dump by a Bitcoin whale has caught the eyes of investors, especially as the BTC price soared more than 6% today. A report showed that the large holder dumped 1.03K BTC, worth around $64.3 million, to Binance, fueling speculations over the potential reason behind the selloff. In addition, the whale has also previously made similar large BTC transactions, which have also sparked discussions over further selloff in the market.

Bitcoin Whale Sells Over $64M In BTC

The latest dump by the Bitcoin whale caught attention as it came during a BTC rally to $63,000. Notably, according to a leading on-chain transaction tracker, Lookonchain, the large holder dumped 1,030 BTC, worth around $64.27 million, to break even. In other words, the whale has capitalized on the recent price surge of the crypto, a strategy often used by investors.

However, the report also showed that the whale is not new to these types of large transfers. The large holder has withdrawn 5,404 BTC, valued at around $352.97 million, from the top crypto exchange Binance between March and May. Notably, the value of the crypto during the withdrawals was $65,318.

Meanwhile, since May, the whale has offloaded 4,856 BTC at an average price of $65,459, worth about $317.87 million. Having said that, the recent Bitcoin selloff has reignited speculations over the potential strategy of the whale behind the move and its impact on the broader market movements.

For context, a flurry of traders use similar selloffs as opportunities for booking profits when the prices rise. Considering that, the latest move has sparked concerns if more whales or large holders will follow a similar strategy amid the recent rally. The concerns are soaring that if others follow suit, the flagship crypt could face increased selling pressure going forward.

What’s Next For BTC Price?

Historically, the BTC price tends to witness gloomy trading, but this year appears to be different. For context, BTC has added nearly 8% through September at its current price, indicating a growing confidence of the traders towards the crypto.

The recent selloff by the Bitcoin whale also appears to have failed to impact the broader market sentiment, as evidenced by the recent performance. During writing, BTC price was up 6% and traded at $63,604.31, with its trading volume soaring more than 73% to $53.01 billion.

Simultaneously, BTC Futures Open Interest jumped 10% to $34.83 billion, indicating a surge in the risk-bet appetite of the traders. Meanwhile, the rally comes after the US Fed announced a 50 bps rate cut at the latest FOMC meeting, bolstering traders’ sentiment.

Meanwhile, a Bitcoin price prediction hints that the flagship crypto could end the ongoing month hitting a high of $72,604, amid the positive market trends. In addition, the prediction also suggests that the flagship crypto could rally to a new ATH of nearly $86K in an “Uptober” rally.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.