A Bitcoin whale who accumulated for six years moved 2,000 BTC, worth $130.5 million, signaling a potential shift from accumulation. The wallet sent 800 BTC to Cumberland for over-the-counter trading, indicating an intent to sell, and 1,200 BTC to new addresses, suggesting repositioning rather than a full exit. Despite the large transfer, Bitcoin continued its bullish streak, reaching a monthly high of $66,314 and trading at $66,195 at press time. Momentum indicators like the Stochastic Momentum Index and Squeeze Momentum remained positive. However, rising Fund Flow Ratio and positive Exchange Netflow signaled increasing exchange inflows, raising short-term bearish risk.
A long-term Bitcoin whale has drawn market attention after moving a significant portion of their holdings. Onchain Lens reported that a wallet associated with six years of aggressive accumulation transferred $130.5 million worth of Bitcoin. The wallet moved 800 BTC, worth $52.2 million, to Cumberland for over-the-counter trading, and 1,200 BTC, worth $78.3 million, to new addresses.
The transfer to Cumberland signaled an intention to sell. While OTC trades hardly affect market supply directly, they can significantly impact market sentiment. However, moving a large amount to a new address suggested the whale is not fully exiting but repositioning.
This major transfer did not negatively affect Bitcoin’s price. BTC continued its bullish streak, rising to a monthly high of $66,314 before a slight pullback. At press time, Bitcoin was trading around $66,195, up 3.02% on the daily charts.
Bitcoin’s momentum strengthened after holding an uptrend from $62,000 a day earlier. The Stochastic Momentum Index rose to 67, following a bullish crossover two days ago. At these levels, the current trend is relatively strong. The Squeeze Momentum Indicator remained positive over the past week, reflecting strengthening momentum. If momentum holds, Bitcoin could flip $67,000 and target a move above $70,000.
Despite the whale transfer’s limited impact, rising prices have incentivized profit takers. The Bitcoin Fund Flow Ratio climbed to a high of $0.06 over the past week. A rising Fund Flow Ratio suggests more coins have flowed into exchanges recently. This trend was confirmed as Exchange Netflow turned positive, rising to 4.7K. Historically, increased exchange inflows have preceded a weakened market structure. Therefore, if sellers continue offloading, pressure could weaken momentum and likely push Bitcoin to $64,800.
