A large Bitcoin transfer has set off a notice from Whale Alerts. Nearly 6,000 BTC was moved, valued at around $49.4M at the time of writing.
Bitcoin is on the move upward and it seems that major players are also shifting around their assets in the background. Whale Alerts recently picked up on a transfer between two wallets of 5,957 BTC.
— Whale Alert (@whale_alert) September 30, 2019
Just Whale Things
Both addresses are unknown, but the recipient address has never received a transaction before. The sending address previously held 6,349 BTC but this appears to have been split between two wallets. Another wallet received the remaining 392 BTC.
Although the transfer will likely have no impact on the rest of the market, it is always interesting to note large transfers during bullish movements in the markets. These ‘wallet consolidations’ and transfers of large amounts to new addresses seem to increase during significant Bitcoin movements.
Bitcoin Slowly Recovers
Bitcoin is currently recovering from a significant double-digit drop recently, just a day after the release of Bakkt. At the time of writing, it is oscillating around the $8,400 price point and slowly picking up steam. It was below $7,800 just two days ago which led to hysteria throughout much of the market, but has since recovered and remained above support.
Could this be the start of a recovery back to $10,000? Given how traumatizing the double-digit drop was, that might take some time. However, some analysts have been charting Bitcoin in a massive bullish triangle which extends until mid-2020. Maybe that might provide us some idea on where the leading cryptocurrency is headed. So, in the short term, we can expect more market choppiness — and a lot more whales consolidating Bitcoin in the background, waiting for the right point to sell.
What could this $49M Bitcoin transfer mean, if anything? Let us know your thoughts in the comments below.