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With the price of Bitcoin (BTC) recently breaking a new all-time high (ATH) above $109,000, market participants are largely redefining their positions. In an unusual series of events, crypto data tracker Whale Alert flagged three whale transactions on Robinhood. The transactions feature BTC withdrawal from the American brokerage, a sign that Bitcoin whales are not worried about buying the coin at the top.
Robinhood Bitcoin whale stacking
Per the Whale Alerts insight, the first observed Bitcoin transaction saw 500 BTC worth $54,098,752 transferred from Robinhood to an unknown address. Another transaction featuring the same 500 BTC amount was also initiated. However, these two transactions are different, judging by their dissimilar hash.
Alex DovbnyaThe next 500 BTC transaction worth $54,305,084 also left the trading platform in less than 15 minutes. There are no indications that this is a dormant whale that has come alive, as the wallets have recent records of large transactions. In total, these three transactions were worth $162,502,588.
Despite the high price outlook of Bitcoin, the coin remains a favorite among high-net-worth individuals. While many might insinuate that the coin is currently overbought, these whales believe in the "omega" rally propagated by Samson Mow.
Should these three transactions be acquired, a long-term HODLing move could be initiated.
Expectations moving forward
Some catalysts may impact the price of Bitcoin moving forward. The spot BTC ETF market remains positive, with the latest data showing an inflow of almost $1 billion on Jan. 17. This ETF market, MicroStrategy buy-ups and other institutional investors have set a high demand base for the coin.
Despite the high prices, Bitcoin's technical strength also proves that a supply squeeze is ahead. Bitcoin mining has not matched up with demand since the last halving, placing BTC on a path toward a massive rally in the long term.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov