With the crypto market showing signs of a potential rebound, Bitcoin and other top altcoins have moved to the green zone. Amid this positive price trajectory, Bitcoin whales appear to have relented from market sell-offs as data provided by on-chain monitoring firm Whale Alert shows major BTC buy activity.
The source revealed it has spotted a huge Bitcoin transaction, which involved 500 BTC being emptied from the world’s largest cryptocurrency exchange Binance in a matter of minutes.
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While the transaction happened during the mid hours of Sept. 7 when Bitcoin was trading at $111,132, the large BTC scooped out of Binance during the time was worth about $55,566,215.
Although the intention behind the major Bitcoin transaction was not specified, market watchers have perceived the move to be a Bitcoin buy activity from a high profile investor or an institution due to the nature of the transfer.
Bitcoin rebound restores market confidence
With the major BTC accumulation coming at a time when the leading cryptocurrency is moving upward, showing signs of a potential price resurgence, the move comes as no surprise.
While Bitcoin had experienced mixed price action during the week, surging to about $113K and falling as low as $107,000, it appears to be closing the week on a positive note.
After falling below the $110,000 mark in the previous day amid a broad market bloodbath, it appears to be regaining momentum as it returns slowly to the upside, trading at $111,374 as of press time, according to data from CoinMarketCap.
Source: CoinMarketCap
Though slow, Bitcoin’s price appears to be gradually headed for a major breakout. Hence, the whale’s decision to buy and move such a large amount of BTC from a top exchange hints at a bullish shift in investor sentiment in preparation for a major price move.
Over the last day, Bitcoin has been moving slowly in its trading price, but on a positive path as it shows a decent price surge of 0.27%. However, the asset’s trading volume during the period has slumped massively by about 18.45%, suggesting that the demand for the asset is still outweighed by speculative trading from exiting investors.