On-chain tracking: Whale moves $244 million in Bitcoin to exchanges

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The whale wallet that transferred large amounts of BTC tokens was once the 14th largest individual Bitcoin owner in the market.

Recently, the 14th largest whale on the market with holdings of up to 46,500 BTC (average purchase price less than $20,000 per token) just transferred 7,000 Bitcoins to Bitfinex, worth approximately $244 million. There is a good chance that the whales are planning to take profits.

With Bitcoin up 110% year to date and trading around $35,000 at the time of writing, whales are understandably taking profits. However, with such a large number of tokens, the community is concerned that the market will be affected.

It is worth noting that before this, these elephants also transferred 36,500 Bitcoins to Bitfinex in late March-early April, when Kingcoin was about to reach its annual peak, which was the $30,000 mark.

Whale transfer transactions.Source: Arkham Intelligence

The whale has not made any moves yet, and we have to wait and see what the whale’s next plan is. However, investors still need to pay special attention before placing orders during this period.

Whale Wallet became the 14th largest whale wallet on the market in February 2023, but after taking profits, the wallet is currently ranked 323rd. Source: BitInfoCharts

As we all know, a whale is a term used to describe an investor who controls a large amount of assets and has a significant impact on the value of a currency. Usually, when they push coins to exchanges, it’s a sign of “dumping” the price to make a profit.

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