Bitcoin whale is ‘dumping’ again as BTC flatlines at $116K

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A semipermanent Bitcoin holder who sold $4 cardinal of his holdings for Ether past period has started selling again as Bitcoin crossed $116,000 for the archetypal clip successful 3 weeks.

Two Bitcoin (BTC) wallets tied to an code that had held onto the cryptocurrency for implicit 8 years deposited 1,176 BTC worthy implicit $136 cardinal into the trading level Hyperliquid connected Sunday and “started dumping,” according to Lookonchain connected X.

Lookonchain said the wallet had taken a two-week interruption aft it exchanged implicit $4 cardinal worthy of Bitcoin successful the 2nd fractional of August, astir 36,000 BTC for Ether (ETH).

Whale movements tin hint astatine wherever “smart money” involvement is shifting. Traders could spot their abrupt moves aft years of inactivity arsenic having a antagonistic impact, arsenic they could unload BTC connected the unfastened marketplace and propulsion down prices.

Wallet dumped Bitcoin for Ether

Lookonchain wrote to X connected Sept. 1 that the Bitcoin whale it was tracking implicit the anterior 2 weeks had sold 35,991 BTC, worthy implicit $4 cardinal astatine the time, for Ether.

The ETH to BTC ratio has remained comparatively level since, but currently, the whale would suffer astir 460 BTC, worthy astir $53 million, if they were to swap their ETH holdings backmost to BTC.

The ETH to BTC ratio has been beneath 0.05 since July past twelvemonth and deed its all-time highest successful mid-2017 astatine 0.14. It’s presently astatine 0.0401, gaining 6% implicit the past month.

Bitcoin hovers astatine $116,000 resistance

Meanwhile, Bitcoin has seen absorption astatine $116,000, a terms it reached connected Friday for the archetypal clip since astir 3 weeks agone connected Aug. 23.

Bitcoin has traded level implicit the past 24 hours astatine $115,500, hitting a apical of $116,182 and a debased of nether $115,000, struggling to interruption good supra $116,000.

It’s down 7% from its highest precocious of implicit $124,000 connected Aug. 14.

Other whale wallets determination Bitcoin

The latest Bitcoin whale income seen by Lookonchain travel different high-value wallets that person sold successful the past fewer weeks.

A wallet that held astir 445 Bitcoin, which hadn’t made a transaction successful astir 13 years, made a transportation connected Thursday, sending portion of their stash to the crypto speech Kraken.

Earlier successful September, a wallet with astir 480 Bitcoin besides made transfers for the archetypal clip since 2012, seemingly lone to determination their funds to a caller address.

Trade Secrets: Bitcoin to spot ‘one much large thrust’ to $150K, ETH unit builds

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