How Are Bitcoin Whales Strategizing Amidst BTC Consolidation?

• Bitcoin price is down 5% in the past seven days.
• Dormant whale moves 8,000 BTC worth of 537 million.

Bitcoin’s recent consolidation has been both a worrying and strategic period for the whales. There have been significant, huge moments from whales in recent months, with Bitcoin consolidating between $65K and $69K. Alluding to it, on June 12, a Bitcoin whale transferred 8,000 Bitcoin (BTC) from a Coinbase cold storage wallet after five and a half years of inactivity.

According to blockchain analytics firm Arkham Intelligence, The $536.5 million worth of bitcoin was sent to Bitcoin address “1ABww1…mCSKq” at block 847,490 at 1:26 pm. UTC. The wallet then transmitted all Bitcoin to the Binance deposit address “15u4H…rMsLa” within one block.

Meanwhile, santiment reports that wallets with 10 or more bitcoins have recently matched their holdings from exactly two years ago. Much has changed since then, there has been an increase of 226% in Bitcoin’s market value.

It also stated that despite the popular belief of FTX suppressing cryptocurrency prices in the second half of 2022, the exchange’s collapse in November 2022 showed an undeniable correlation between BTC wallet holdings and Bitcoin’s overall market value.

Millions Worth Of Bitcoin Transfers And Accumulation

According to CryptoQuant statistics, approximately 20,000 bitcoins went into whale wallets during the current market correction earlier this week. This indicates that large investors have been capitalizing on market dips to grow their holdings.

Tracking the Bitcoin whales’ moves in past week reveals that three days ago, 879 BTC ($57,613,087) were transferred from Coinbase Institutional to Coinbase, and on the same day, 749 BTC ($50,062,404) was transferred from an unknown wallet to Coinbase, and 1,599 BTC ($106,793,799) was transferred from an unknown wallet to Coincheck. 

And on June 13, 999 bitcoins worth 67 million were moved from Binance to an unknown wallet. And on June 12, 879 bitcoins worth 61 million were transferred from Coinbase Institutional to Coinbase. In just three days, 350 million worth of BTC have been transferred. Not just the bitcoin whales, but the entire crypto whale community has been highly active in recent months.

Meanwhile, Bitcoin is trading at $66,298 after a modest 0.11% increase; in a week, it is down 4.57%. The daily RSI is at 43, nearing the oversold condition.

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