The 5th Richest Bitcoin Whale Wakes Up After 5 Years. Why Am I Still So Optimistic?
A wallet address named "37x", known as the 5th richest Bitcoin (BTC) whale, woke up after 5 years and moved 94,500 BTC to three new addresses for the first time since 2019. According to a X post published by Arkham Intelligence, 37x transferred almost all of 94,500 BTC worth $6.05 billion to 3 different new addresses on March 23, leaving only 1.4 BTC left in the address.
Although it is not yet known why the whale moves them, such transfers worry investors, especially new investors. Additionally, it is noteworthy that while the amount of BTC held on crypto exchanges is decreasing, inflows are increasing.
According to Chainalysis data, while BTC inflows to exchanges are increasing significantly, the amount of BTC held by exchanges is decreasing significantly. It seems that while old investors or miners are making plans to sell, new investors are much more optimistic about Bitcoin. Meanwhile, BTC supply on Coinbase had reached a nine-year low of 344,856 BTC on March 18.
Bitcoin 2-Hour Chart
Bitcoin is currently trading around $69,900. And it can be said that Bitcoin's current rally is mainly due to the Bitcoin halving expectation and increased institutional inflows into spot Bitcoin exchange-traded funds (ETF) in the US. However, I think the Bitcoin halving is still not fully priced in.
Bitcoin Rainbow Chart
Currently, Bitcoin is in the yellow zone on the rainbow chart and I believe that Bitcoin will reach the top peak in the long term after the halving. Also, I think Bitcoin is much stronger than before, so I believe it will rise above the rainbow chart.
It is difficult to predict which direction the Bitcoin price will go in the short term, but I can say that I am very optimistic about Bitcoin in the long term.
Thank you for reading
@rtonline
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
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