Whales move more than 30 thousand bitcoins in half an hour and leave the market apprehensive

Large volumes of bitcoin moving on the blockchain were noticed this Monday (17) by the Whale Alerta Twitter profile that tracks the biggest transactions on the cryptocurrency network.

In all, there were 32,813 BTCs changing wallets in three transactions that took place within a half-hour interval earlier this afternoon, with 12,909 BTCs being moved in the first transaction, 9,905 BTCs in the second and 9,999 BTC in the third. A total of R$ 3.3 billion adding up all the movements.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 12,909 #BTC (251,527,230 USD) transferred from unknown wallet to unknown wallethttps://t.co/6bF4XPiP6r

— Whale Alert (@whale_alert) October 17, 2022

This trio of transactions has similarities. In addition to taking place in close periods, all transfers had multiple addresses as origin or destination, that is, bitcoin left or was spread in other addresses instead of being concentrated in a single one.

The source and destination addresses that participated in these transactions are unknown. Thus, it is not known whether the bitcoin was in the possession of a common holder.

Bitcoin for sale or reallocation?

The fate of the cryptocurrencies transferred this afternoon is also unclear, so it is not possible to know if the 32,000 bitcoins were sent to an exchange to be sold on the market, or if the transactions represent a reallocation of funds between wallets owned by the same whale — a term referring to investors with large cryptocurrency balances.

In addition, the price of bitcoin showed little volatility at the time the three transactions took place, which could be a sign that the assets have not yet been settled on exchanges.

Minutes after the first transaction took place at 12:13 pm ET, the price of bitcoin took a slight dip, going from $19,487 to $19,462, according to CoinMarketCap. However, prices rose again when the other two transactions were executed at 12:20 and 12:48, with BTC reaching a quote of $19,555 at 1:00 pm.

Bitcoin is enjoying a slight 1.7% rally on Monday, helping most cryptocurrencies on the market start the week in the green, a welcome relief given that the previous week was marked by sharp declines.

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