Unidentified Bitcoin whale sparks buying interest as BTC maintains higher lows
Bitcoin (BTC) is getting closer to the $100,000 psychological level despite the recent wild fluctuations and volatility on the digital asset market. The coin has maintained higher lows for each retracement, possibly fueling large holders’ interests.
Recently, a Bitcoin whale decided to move a massive amount of BTC to a spot exchange. According to data from blockchain analytics firm Etherscan, on August 17, an unidentified wallet holding 10,000 BTC, valued at roughly $978 million at press time, was spotted transferring a portion of its coins to Coinbase.
This action might spark concern among investors as it signals a potential selling trend when whales move large volumes of assets to exchanges. However, in this case, the whale is likely positioning its Bitcoin in preparation for the coin’s $100,000 flip.
This might be to offload for profit-taking as soon as BTC hits the mark. If the Bitcoin whale is positioning to sell, the action might contribute to any possible trend shift on the market, which may impact the price.
The choice of the exchange has also raised concerns, as Coinbase typically handles big trades. This development suggests a possible large-scale institutional action that, when offloaded, could stun the market.
As of press time, Bitcoin was trading at $97,857.55, reflecting a 1.12% increase in the last 24 hours. Investors are watching the fluctuations, as trading volume dipped slightly by 1.73% to $28.7 billion.
Earlier this week, MicroStrategy CEO and renowned Bitcoin bull Michael Saylor doubled down on his prediction of BTC reaching $1 million.
As reported by U.Today, Saylor recently urged investors to acquire Bitcoin as the asset will soar to $1 million. He strongly believes in the coin’s potential to make staggering price moves in the
