PakGazette – (BTC) is experiencing volatility in the market as the asset struggles to overcome and stay above the $95,000 resistance level. Amid this price fluctuation, a Bitcoin whale has reached a massive valuation level after spending six years in hibernation.
Whale activity generates market speculation
According to a Lookonchain post
Although the intent of this massive deposit is currently unknown, it generally indicates a possible selling intention. 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 accumulated to approximately $3,500,000. Whale exploitation has now made staggering profits and is worth more than $47 million at current market value.
At the time of writing, the price of BTC changed hands at $94,404.63. However, if you use a discounted price of $94,400, you get a value of $47,200,000. This gives a profit margin of $43,700,000 should the whale decide to sell all of its holdings.
Analysts speculate that since Bitcoin has entered its distribution phase, the whale might have decided to sell these 500 BTC. The whale might think about increasing profits for possible reinvestment in other companies and probably just liquidate them.
Market Implications and Stakeholder Perspective
Despite the broader market price fluctuation, some stakeholders still believe that Bitcoin will rally massively.
Certified NBA legend Scottie Pippen insists that the current price movement is a bear trap artificially created to entice investors to sell. Pippen believes BTC will skyrocket after most people dump it into the market. Therefore, he advised his followers not to sell.
Whatever the reason the 500 BTC whale got agitated, market watchers will be tracking its next moves to see if selling is part of it. A large holder with 357 BTC also became active after 11 years, just before the end of December 2024.
