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Bitcoin Whale Goes on Massive Selling Spree

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Mon, 13/11/2023 - 7:31
 Bitcoin Whale Goes on Massive Selling Spree
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A whale has reportedly sold a large amount of Bitcoin. The data from Lookonchain reveals that this anonymous investor bridged Bitcoin (BTC) to Ethereum, converting it to Wrapped Bitcoin (WBTC). 

The whale has sold a total of 411 WBTC, amounting to approximately $15.2 million, at an average price of $37,023 per Bitcoin. Currently, the whale's wallet still holds 155 WBTC, valued at around $5.74 million.

Bulls and bears

The cryptocurrency market, often characterized by its volatility, is witnessing a tug-of-war between bulls and bears. 

According to IntoTheBlock data, the market has seen 111 bullish addresses, which are those buying more than 1% of the trading volume in the last 24 hours. On the other hand, there are 114 bearish addresses, marked by their selling of over 1% of the daily traded volume. 

The market also observed a notable number of large transactions, defined as those above $100,000. The last 24 hours saw approximately 12,430 large transactions, with a 7-day high reaching 22,570 transactions on Nov. 9. 

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The total volume of these large transactions in Bitcoin amounted to 589,590 BTC in the last day, with a 7-day high at 1.06 million BTC. When converted to USD, the total volume of these transactions in the last 24 hours was around $21.81 billion, with a 7-day peak of $39.02 billion.

Bitcoin price in limbo

The recent activities in the market have had an impact on Bitcoin's price. As of now, Bitcoin is trading at $37,029.96, marking a slight 0.3% increase, according to CoinGecko data

The cryptocurrency's market cap stands at approximately $723.6 billion, with a 24-hour trading volume of around $12 billion. 

The impending decision on Bitcoin ETFs by the SEC is poised to be a major catalyst for the top cryptocurrency. With a critical deadline approaching on November 17, the financial community anticipates that the SEC may issue approvals for multiple Bitcoin ETFs simultaneously.

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