Bitcoin Whale Makes $178 Million From $120 Amidst Recent Price Surge; Selling Pressure To Affect BTC?

A Bitcoin whale has moved 2000 BTC worth $178 million to Coinbase after holding their stash since 2010 according to data from Memepool. Interestingly, the user first received BTC in 2010, when Bitcoin was worth just $0.06 per coin with a market cap of around $250,000. The daily trading volumes then rarely exceeded $60,000.

Satoshi Era Wallets Making Huge Profits

This transfer follows a trend of dormant Bitcoin wallets becoming active amidst the recent price surge in broader markets after Donald Trump’s U.S. election win earlier this month. Bitcoin is currently trading at $88,532 after cooling off from a rally that saw it set a record high of $93,214 on Wednesday.

This year has seen several instances of “Satoshi Era” wallets becoming active, holding Bitcoins mined between 2009 and 2011. While it is unclear whether these Bitcoins have been sold, it might not be impossible as early adopters may be seizing the opportunity to reap high profits as Bitcoin continues to reach record highs.

This trend would continue as the whales could make huge profits at the current price levels of Bitcoin. However, the resurgence of early wallets could add significant selling pressure, potentially affecting Bitcoin’s price momentum. Despite this, bullish investors remain optimistic about Bitcoin’s potential to reach the psychologically important resistance level of $100,000 by the end of the year.

Bitcoin ETF Outflows Concerning?

The U.S.listed bitcoin ETFs witnessed their third-largest outflow since launch, seeing $400.7 million being drained on Thursday, according to Farside data. Bitcoin has corrected nearly 6% from its all-time high on Nov. 13, when it pushed past $93,000. However, the price action isn’t too concerning, as typically, once bitcoin sets new all-time highs, investor tend to take out their profits. 

BlackRock’s IBIT witnessed inflows of $126.5 million, keeping its trend of inflows strong since Nov. 7. However, Fidelity’s FBTC saw outflows of $179.2 million, Bitwise BITB saw $113.9 million in outflows, Ark’s ARKB recorded outflows of $161. 7 million, while both Grayscale products saw combined outflows of $74.9 million.

A Correction To $78K Or Rally Towards $100K?

Bitcoin price reached a new all-time high of $93,265 on Wednesday and declined 3.3% on Thursday. Bitcoin is currently trading at around $89,691. Amidst the ETF inflows, Bitcoin briefly hit $87,000. 

While market analysts are optimistic over Bitcoin’s potential to cross $100,000 levels, however, this optimism might not last long as some BTC holders and miners realize profits and increase the selling pressure, which could lead to a pullback to $78K.