PK Press Club – (BTC) is experiencing market volatility as the asset struggles to break and stay above the $95,000 resistance level. Amidst this price fluctuation, a Bitcoin whale has reached a huge valuation level after spending six years in hibernation.
Whale activity sparks market speculation
According to an article X by Lookonchain, the whale wallet suddenly became active when the user deposited 500 BTC worth $46.87 million into Coinbase (NASDAQ:) Prime.
While the intent of this massive filing is currently unknown, it generally signals potential sales intent. This speculation seems plausible given the value of the asset at the time the whale made the purchase.
Six years ago, the average price of Bitcoin was $7,000. That is, the entire 500 BTC was accumulated for approximately $3,500,000. The whale exploitation has now made a huge profit and is worth over $47 million at current market value.
As of this writing, the price of BTC has changed hands at $94,404.63. However, using a discounted price of $94,400 results in a value of $47,200,000. This gives a profit margin of $43,700,000 if the whale decides to sell all of its holdings.
Analysts believe that since Bitcoin entered its distribution phase, the whale might have decided to sell those 500 BTC. The whale might be thinking about generating profits for possible reinvestment in other businesses, while probably just liquidating.
Market implications and stakeholder perspective
Despite the broader market price fluctuation, some stakeholders still believe that Bitcoin will rebound massively.
Certified NBA legend Scottie Pippen insists the current price movement is an artificially created bear trap to tempt investors to sell. Pippen believes BTC will skyrocket once most people dump it into the market. So, he advised his supporters not to sell.
Whatever the reason the 500 BTC whale moved, market observers will be tracking its next moves to see if selling is part of it. A large holder of 357 BTC also became active after 11 years – just before the end of December 2024.
