Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018

Bitcoin (BTC), worth more than $600 million, moved for the first-time since Oct. 18, when there was a bear market. Analysis has shown.

Whalemap, a monitoring resource, flagged a transaction involving 32,000 BTC in a Twitter thread.

A buyer could “willingly acquire” 32,000 BTC for $19,000

A whale entity, which purchased Bitcoin near the pit of last bear market seems to have sold as the latest indication that the spot price is having an impact on the behavior of longer-term holders.

Whalemap reports that 32,000 coins were stolen from their wallets for the first time since December 2018.

Yesterday, 32,000 Bitcoins belonging a whale wallet were moved. They had been dormant since December 2018,” Whalemap’s team stated in the accompanying commentary.

Whalemap quickly offered an alternative viewpoint to the traditional bear market narrative. Whalemap suggested that major investors should capitulate at the bottoms, even though it is not known exactly why. The team also added:

“Transactions such as this often signify OTC Trades. This means that someone is ready to purchase 32k bitcoins right away.

BTC/USD was down more than 70% from its all-time highs. However, the 32,000 BTC stash would have been a substantial profit having been purchased for $3,900.

They are now worth $612million, compared to the $124 million they were paid four years ago.

Annotated chart: Bitcoin whale outflows Source: Whalemap/Twitter

Whalemap continued to note that the 2018 lows are a popular buy-in point and that the price zone is a significant area for support.

It wrote that “not many people know this, but a lot Bitcoin was accumulated in the exact region that the above transaction comes from,”

“Even now, 337k of accumulated BTC are still being HODLed into those wallets. This is an important area of BTC land that you should keep your [eye] on.”

Annotated chart of Bitcoin wall inflows Source: Whalemap/Twitter

Falling exchange balances

This month, exchanges are reporting signs that $19,000 is becoming a popular BTC trading or investment option.

Related: Bitcoin holds onto $19K, and this could set off a huge BTC rally.

Glassnode, an on-chain analytics firm, has shown that major exchanges have seen BTC balances decrease more each day over the last few days than any other time since mid-July.

Glassnode’s 19 trading platforms were down by approximately 100,000 BTC over the past 30 days, Oct. 18 and Oct. 19.

Exchanges closed the last day of October with more BTC than they began with, compared to a month ago.

Bitcoin exchange 30-day net position change chart. Source: Glassnode

The total balance of exchanges was just over 2.34million BTC at Oct. 19, a decrease of 2.46 million at September’s end.

Chart of bitcoin exchange balance. Source: Glassnodecom. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/capitulation-or-profit-taking-bitcoin-whale-moves-32k-btc-dormant-since-2018

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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