Key Points
- A dormant Bitcoin whale has moved 300 BTC to FalconX and 1,050 BTC to two other wallets.
- The recent Bitcoin price drop has filled the CME gap, indicating potential increased market activity.
A Bitcoin whale, inactive for the past 1.5 years, has recently transferred 300 BTC to digital asset broker FalconX and 1,050 BTC to two new wallets.
Whale Activity and Market Impact
According to data available on SpotOnChain, this anonymous whale holds around $85.7 million in Bitcoin (BTC). The 300 BTC transaction to FalconX is valued at approximately $25.1 million at current market rates.
The whale also moved 1,050 BTC, equivalent to roughly $87.2 million, to two relatively new wallets. As of now, the address retains about $12.55 million worth of Bitcoin, or 150,000 BTC.
The last on-chain transaction from this whale was recorded on Aug. 18, 2023, when it received 1,500 BTC from market marker Cumberland at a price of $26,353, valued at $39.5 million at that time. This indicates that the address has been inactive for nearly two years.
Bitcoin Market Trends
Bitcoin has experienced a slight decline of 0.44%. It is currently trading at $83,613. Over the past month, Bitcoin has undergone significant fluctuations, decreasing by more than 14%.
In the last 24 hours, Bitcoin hit a high of $84,693 before dropping to a low of $82,061 and stabilizing around $83,000. Interestingly, BTC’s plunge to the $84,000 mark fills the CME price gap, setting the stage for a potential price rise.
A CME gap refers to the difference between Bitcoin’s closing price on the Chicago Mercantile Exchange (CME) and its opening price when trading resumes. It is frequently used as a correction indicator following a significant market drop. The CME gap is often referred to as a “magnet” for Bitcoin prices.
The recent filling of the CME gap by Bitcoin’s price drop, coupled with the significant BTC whale movements, could indicate an upcoming increase in market activity. Traders are already predicting the next market moves that could significantly affect Bitcoin’s price trajectory and overall market sentiment.
