A dormant whale in the cryptocurrency market has made a significant move by sending 300 BTC to crypto brokerage FalconX, alongside 1,050 BTC to two other wallets. This whale, which has been inactive for 1.5 years, holds a staggering $85.7 million in Bitcoin holdings. The transaction, valued at around $25.1 million in BTC at current market prices, has caught the attention of market observers.
The whale’s last recorded transaction on-chain was on Aug. 18, 2023, when it received 1,500 BTC from market marker Cumberland at a price of $26,353, worth $39.5 million at the time. Since then, the address has remained dormant until this recent move, indicating a long period of inactivity.
Bitcoin, the leading cryptocurrency, has been experiencing a turbulent month, with a decrease of more than 14% in its price. However, in the past day, Bitcoin reached a peak price of $84,693 before dropping to a low of $82,061 and stabilizing around $83,000. This movement has brought Bitcoin close to the $84,000 threshold, filling the CME price gap.
A CME gap refers to the disparity between the closing price of Bitcoin on the Chicago Mercantile Exchange (CME) and its opening price when trading resumes. It is often seen as an indicator for corrections after a sharp market drop. The recent filling of the CME gap, combined with the whale’s activity, suggests that increased market activity may be on the horizon.
Traders are closely monitoring the market moves, as they could potentially influence Bitcoin’s price trajectory and overall market sentiment. The whale’s deposit to FalconX and the filling of the CME gap have sparked speculation about the future direction of the cryptocurrency market.
As Bitcoin continues to trade near the $84,000 level, market participants are bracing for potential price climbs and heightened volatility. The whale’s actions and the market dynamics surrounding Bitcoin are sure to keep investors and analysts on their toes in the coming days.