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Did Whales Push Bitcoin Above $28,000? Here's What Happened: Report

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Tue, 10/03/2023 - 08:55
Did Whales Push Bitcoin Above $28,000? Here's What Happened: Report
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Santiment on-chain data vendor has noticed several massive Bitcoin transactions conducted by whales right before the price of the flagship digital currency briefly managed to recover $28,000 – this price level has not been seen for the past six weeks.

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In the meantime, Bitcoin has again rolled below $28,000 as whales began moving staggering amounts of BTC to major exchanges to sell.

Here's what happened before Bitcoin jumped above $28,000

Santiment noticed that just prior to Bitcoin's 5.48% jump to the $28,500 zone, whales withdrew a great deal of BTC from exchanges and into self-custodian wallets. There were four transfers in total, and per Santiment's recent tweet, they ranged between $187 million and $346 million worth of Bitcoin.

These transactions drained the Bitcoin supply held on exchanges from 5.99% to 5.73% since Sept. 1 – "a continued good sign," the Santiment analytics team noticed. This is the lowest level since December 2017 (which was followed by Bitcoin's surge to the $20,000 all-time high).

Still, by now, the world's leading cryptocurrency has rolled back below $28,000 after losing 3.32% today.

Related
BTC, ETH and XRP Price Analysis for October 2

Bitcoin reverses as whales move BTC to top exchanges

Major crypto tracker Whale Alert noticed several Bitcoin transfers that moved several massive BTC chunks to leading cryptocurrency exchanges – Kraken, Coinbase and Binance.

Wallets marked by the aforementioned tracker as "unknown" have moved 9,895 BTC (worth $275,564,475 USD) to Kraken, 2,891 BTC (evaluated at $80,527,639 USD) to Coinbase and 799 BTC (worth $22,662,739 USD) to Binance.

This coincided with Bitcoin's drop back under the $28,000 price line as large BTC investors (known as whales in the crypto community) started locking in their profits.

As of this writing, Bitcoin is changing hands at $27,551 on the Bitstamp exchange.

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