The tides of the cryptocurrency market are shifting, and the latest movements of the Bitcoin whales are sending ripples through the community. In a remarkable display of confidence and optimism, multiple whales are accumulating the pioneer cryptocurrency, taking advantage of the buy-the-dip opportunity.
Despite the current market downturn, the whale’s buying frenzy has ignited fresh hopes among investors and traders that a rally might be on the horizon. As the market continues to fluctuate, the community is wondering if this surge in whale activity will be a perfect catalyst for a potential BTC price rally. In this article, we’ll explore the recent whale movements and their possible impact on the Bitcoin price.
Whale Activity Surges: What This Means for BTC Price?
In a recent X post, on-chain analytics platform Lookonchain shared insights on the surprising surge in BTC whale activity over the past six hours. Reportedly, a dormant whale, 37BnFf, which hadn’t made a move in a year, has withdrawn 800 BTC worth approximately $85.5 million from Binance and OKX. This significant accumulation suggests that the large crypto holder is highly bullish about the coin.
Additionally, a new wallet, 3Qus8D, has withdrawn 190 coins valued at $19.76 million from Binance, indicating fresh interest in the cryptocurrency. Moreover, another whale bc1qr9, has withdrawn 174 BTC for $18.64 million from Binance, bringing its total holdings to 3,036 BTC, valued at around $315 million. These large transactions signal that whales are accumulating Bitcoin, potentially anticipating a price increase.
Hyperunit Whale Makes Massive Bet
In another parallel development, a savvy crypto whale, known for profiting $200 million from the US-China tariff-induced market crash last month, is doubling down on their winning streak. According to crypto analytics platform Arkham Intelligence, the whale, dubbed “Hyperunit,” has taken a $55 million long position in Bitcoin and Ethereum, betting on a price surge.
This new bet consists of a $37 million BTC long position and an $18 million Ether long position on the decentralised derivatives exchange Hyperliquid. With a proven track record of making accurate predictions, including two more profitable shorts since the October market crash, the whales’ latest move has garnered significant attention, sparking speculations of a Bitcoin price rally.
Will Bitcoin Price Spike in Response to the Whale Activity?
As whales increasingly accumulate Bitcoin, the community is anticipating a potential surge in the BTC price. Given the significant price surge that often follows whale accumulation, it’s possible that the crypto’s value will rise soon. With major players showing confidence in the coin, retail investors may follow suit, potentially driving prices.
As of press time, BTC is trading in the red zone, hovering below the crucial $105k. Currently valued at $103,847, the crypto is down by 3.71% in a day, 10% in a week, and 15.55% in a month. Aligning with the increasing whale moves, the 24-hour trading volume has soared by a notable 70%, hitting $80.3 billion.
Big Holders Taking Profit
Bitwise CEO Hunter Horsley attributes the recent market correction to OG whales cashing in on their massive gains, noting that it’s “emotionally taxing” for investors who have made 100x or 1000x returns to stay in the market. He stated,
They’ve got life to live / it can be emotionally taxing to see $100M or 1/3 of their wealth gone in a bear market, even if temporary.”
Data from CryptoQuant supports this, showing long-term holders offloaded 405,000 Bitcoin between October 2 and November 2. However, Horsley is confident that many of the biggest holders aren’t planning to sell their holdings, suggesting that the market’s fundamentals remain strong despite the recent correction.
