- An ancient whale has dumped 80,202 BTC on Galaxy Digital.
- The whale made a series of transfers, with the last one being 40,192 BTC.
- The whale emptied its total account worth $9.5 billion (avg. $118,832 per BTC).
- The whale purchased Bitcoin around 2011 at an average price of approximately $30 per BTC.
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Over the past three days, a Bitcoin whale has offloaded its entire holdings of 80,202 BTC worth $9.5 billion on Galaxy Digital. The whale, suspected to be an HNI investor, booked a record 72000x profit (72 million percent) after holding the Bitcoin for over 14 years. It was believed to have acquired the cryptos around 2011 at an average price of $30 per BTC.
Bitcoin whales have been selling Bitcoin due to multiple reasons. The strongest of these reasons is the ability to sell Bitcoins at a record profit after holding for over a decade. Further, the growing concentration of corporate investors seems to shift control of Bitcoin’s consensus from individuals to corporate entities.
Read Full Article Here: Why are Long-Term Bitcoin Holders Selling?
Several corporate investors, including Metaplanet and Strategy, as well as various ETFs, hold up to 22% of BTC, while individual ownership has decreased to 52% in the latest report.
Impact on Bitcoin’s Price
Bitcoin has shown some corrections after its price touched a new ATH of $118.6k. At the time of writing, Bitcoin saw a correction to $118.6k. Though intense corrections are less likely, yet an unfavorable Fed policy rate could trigger a crash to $105k.
Hold or Sell?
Short-term holders could sell at this stage as Bitcoin seems to have formed a local top at $123k.
However, medium-term targets of $150k by Q3 remain in place. We assume further corporate buying and renewed retail interest would induce another rally.
In the long term, Bitcoin is expected to cross $500k by the end of 2028. This rally is expected to be driven by dual demand from corporate and retail markets.
Disclaimer: Crypto markets are volatile in nature. All articles in this website are informational and are not financial advice. Please consult your financial adviser before investing.
