Within a few minutes on May 13, a massive Bitcoin transfer involving 2000 BTC was spotted among unknown whales, according to recent data from blockchain monitoring firm Whale Alert.
The transaction, worth $206,372,735, comes as the crypto market resumes its bullish trend but at a slower pace, sparking discussions among the crypto community.
BTC large holders bullishly buying
While the holders behind the 2000 BTC transfer could not be determined, mysterious large BTC transactions among unknown whales like this have often been traced to redistribution activities from institutions or high-profile investors.
With the event happening when the broad crypto market resumed its stalled bullish momentum during the late hours of Tuesday, there are suggestions that the transfer is a buy attempt from a whale.
Recent data from Glassnode has aligned with this speculation, as it showcased surging buying activities among Bitcoin whales holding from 1000 BTC to 10,000 BTC.
Although Bitcoin’s ultra-large whales holding over 10,000 BTC in a single wallet have started cooling off on accumulating the asset, buying activities from smaller investors have resisted the pressure from profit-takers.
While ultra-large investors are seen pulling back to a neutral score of 0.5, smaller cohorts with 1000 to 10,000 BTC have remained bullish as they continue to double down on the coin.
While the market has slowed down from the rapid uptrend experienced in the past days, Bitcoin has remained resilient above the $100,000 mark, showing signs of a more bullish outlook as investor confidence remains unwavering.
According to data from CoinMarketCap, Bitcoin has surged decently over the last 24 hours by 0.98%, trading at $103,841.52 as of press time.
As Bitcoin investors have become increasingly sensitive to on-chain movements at a time like this, large transactions involving the leading cryptocurrency like this don't usually go unnoticed, as they often tend to cause major market swings, impacting the potential price action of the asset in the short term.
Nonetheless, market participants are anticipating more bullish moves from whales, as it plays a crucial role in fueling the sustainability of Bitcoin’s positive momentum.
Vladislav Sopov
Dan Burgin