PK Press Club – As the price of (BTC) recently broke a new all-time high (ATH) above $109,000, market participants are largely redefining their positions. In a series of unusual events, crypto data tracker Whale Alert reported three whale trades on Robinhood (NASDAQ:). The transactions feature a withdrawal of BTC from the US brokerage, a sign that Bitcoin whales are not worried about buying the coin at the top.
Robinhood Bitcoin Whale Stack
According to information from Whale Alerts, the first Bitcoin transaction observed saw 500 BTC worth $54,098,752 transferred from Robinhood to an unknown address. Another transaction for the same amount of 500 BTC was also initiated. However, these two transactions are different, judging by their different hashes.
The next transaction of 500 BTC worth $54,305,084 also left the trading platform in less than 15 minutes. There is no indication that this is a sleeping whale that has come back to life, as the wallets contain recent records of large transactions. In total, these three transactions were worth $162,502,588.
Despite Bitcoin’s high price outlook, the coin remains a favorite among high-net-worth individuals. While many might insinuate that the coin is currently overbought, these whales believe in the “omega” rally propagated by Samson Mow.
If these three transactions were acquired, a long-term HODLing movement could be initiated.
Expectations move forward
Certain catalysts may impact the price of Bitcoin in the future. The BTC ETF spot market remains positive, with the latest data showing an inflow of almost $1 billion on January 17. This ETF market, redemptions from MicroStrategy and other institutional investors have established a high demand base for the coin.
Despite the high prices, Bitcoin’s technical strength also proves that a supply squeeze is coming. Bitcoin mining has failed to meet demand since the last halving, putting BTC on the path to a massive long-term rally.
