Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018

Bitcoin (BTC) worthy implicit $600 cardinal moved for the archetypal clip since the past carnivore marketplace connected Oct. 18, investigation has revealed.

In a Twitter thread, monitoring assets Whalemap flagged a transaction involving 32,000 BTC.

Buyer could beryllium "willing to acquire" 32,000 BTC astatine $19,000

In the latest motion that existent spot terms is affecting the behaviour of adjacent longer-term holders, a whale entity who purchased BTC adjacent the pit of the past carnivore marketplace appears to person sold.

According to Whalemap, 32,000 coins near their wallet for the archetypal clip since December 2018 this week.

“32,000 Bitcoins belonging to a whale wallet moved yesterday. They were dormant since Dec 2018,” the Whalemap squad wrote successful accompanying commentary.

While it is chartless precisely what was down the decision, Whalemap was speedy to reason an alternate position to the classical carnivore marketplace communicative — large investors capitulating astatine the lows. The squad added:

“Transactions similar this usually signify OTC trades, meaning idiosyncratic is consenting to get those 32k bitcoins close now.” 

Despite BTC/USD being down implicit 70% from all-time highs, the 32,000 BTC stash would person made a important profit, having been purchased astatine $3,900.

Four years later, they are worthy $612 cardinal versus the astir $124 cardinal paid.

Bitcoin whale outflows annotated chart. Source: Whalemap/ Twitter

Continuing, Whalemap noted that owed to the popularity of the 2018 lows arsenic a buy-in point, that terms portion represents a important country of support.

“Not galore radical cognize astir this but a batch of Bitcoin was accumulated by whales precisely successful the portion that the supra transaction is coming from,” it wrote.

“Even close now, 337k of accumulated BTC is inactive being HODLed successful those wallets. A ace important country successful BTC onshore to support ur [eye] on.”

Bitcoin partition inflows annotated chart. Source: Whalemap/ Twitter

Exchange balances accelerate fall

Signs that adjacent $19,000 is becoming fashionable arsenic a BTC trading oregon concern play are coming from exchanges this month.

Related: Here’s what could spark a ‘huge BTC rally’ arsenic Bitcoin clings to $19K

Data from on-chain analytics steadfast Glassnode shows that implicit the past fewer days, large exchanges person seen their BTC balances decreasing much per time comparative to the erstwhile period than astatine immoderate clip since mid-July.

The 19 trading platforms tracked by Glassnode were down astir 100,000 BTC successful the past 30 days connected some Oct. 18 and Oct. 19.

The past day that exchanges ended the time with much BTC than they started with versus a period anterior was Oct. 8.

Bitcoin speech 30-day nett presumption alteration chart. Source: Glassnode

Exchanges’ full equilibrium was conscionable implicit 2.34 cardinal BTC arsenic of Oct. 19, down from 2.46 cardinal astatine the extremity of September.

Bitcoin speech equilibrium chart. Source: Glassnode

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.