Capitulation or Profit Sale? Bitcoin Whales Awaken!

Whalemap says that ‘usually’ an OTC process signal change continues amid 2018 bear market buyers. Analysis revealed that over $600 million Bitcoin (BTC) has moved for the first time since the last bear market on October 18. Whalemap marked a process involving 32,000 BTC.

Someone might be ‘willing to buy’ 32,000 BTC at $19k!

There are signs that the current spot price is affecting the behavior of longer-term holders. A BTC whale appears to have sold the asset near the trough of the last bear market. According to Whalemap, 32,000 tokens were removed from its wallet for the first time since December 2018 this week. The Whalemap group makes the following statement on the subject:

Yesterday, a whale moved 32,000 Bitcoins in its wallet. They have been dormant since December 2018.

It is not known exactly what was behind the decision. However, Whalemap was quick to offer an alternative perspective to the classic bear market narrative. This is in the direction of large investors surrendering at low levels. The team adds:

Processes like this often refer to OTC trading. This means that someone is currently willing to buy these 32k Bitcoins. As you follow, BTC is down over 70% from its all-time highs. On the other hand, the whale’s 32,000 BTC stash was bought at $3,900, making it a valuable profit. Four years later, $612 million versus roughly $124 million paid.

Bitcoin whale exits caption graphic / Source: Whalemap/ Twitter

Continuing Whalemap notes that this price zone represents a valuable foothold due to the popularity of 2018 floorboards as a buying point. In this context, he makes the following assessment:

Many people don’t know this. However, right in the region where the above process came from, whales collected a lot of Bitcoin. Even now, 337k BTC have been accumulated in these wallets. It is a very valuable area where you can keep your eyes open on BTC territory.

Bitcoin whale streams caption graphic / Source: Whalemap / Twitter

Bitcoin stock balances accelerating decline

Even $19,000 has become recognized as a BTC trading or investment game. This month, there are signs for this from the stock markets. Information from on-chain analytics firm Glassnode shows that over the past few days, the BTC balances of major exchanges have dropped more than any other time since mid-July than the previous month.

The 19 trading platforms Glassnode tracks have dropped nearly 100,000 BTC in the last 30 days on both October 18 and October 19. The last date that exchanges finished the day with more BTC than they started was October 8 compared to a month ago.

Bitcoin stock market 30-day net position change chart / Source: Glassnode

The total balance of the exchanges was 2.46 million at the end of September. As of October 19, it has risen to just over 2.34 million BTC.

Bitcoin stock market stability chart / Source: Glassnode

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