PakGazette – With the price of (BTC) recently breaking a new all-time high (ATH) above $109,000, market participants are largely redefining their positions. In an unusual series of events, crypto data tracker Whale Alert flagged three whale trades on Robinhood (NASDAQ:). The transactions include the withdrawal of BTC from the US brokerage, a sign that Bitcoin whales are not worried about buying the currency at the top.
Bitcoin Robinhood Whale Stacking
According to information from Whale Alerts, in the first Bitcoin transaction observed, 500 BTC worth $54,098,752 were transferred from Robinhood to an unknown address. Another transaction was also initiated with the same amount of 500 BTC. 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 dormant whale that has come to life, as the wallets have recent records of large transactions. In total, these three transactions had a value of $162,502,588.
Despite Bitcoin’s high price prospects, the coin remains a favorite among high net worth individuals. While many might hint that the coin is currently overbought, these whales believe in the “omega” rally propagated by Samson Mow.
If these three transactions are acquired, a long-term HODLing movement could be started.
Future expectations
Some catalysts may affect the price of Bitcoin in the future. The BTC ETF spot market remains positive, with the latest data showing an inflow of nearly $1 billion on January 17. This ETF market, purchases by MicroStrategy and other institutional investors have established a base of high demand for the coin.
Despite the high prices, Bitcoin’s technical strength also shows that a supply reduction is coming. Bitcoin mining has not kept up with demand since the last halving, putting BTC on the path to a massive long-term rally.
