Bitcoin, the world’s largest cryptocurrency by market capitalization, surpassed $71,000 for the first time, extending this year’s surge to nearly 70% thanks to massive inflows into U.S. exchange-traded funds.
Amid Bitcoin’s climb to a new all-time high (ATH), a large 4,192 BTC buy has sparked intrigue and excitement within the crypto community.
Spot On Chain, an on-chain analytics firm, reported an intriguing move by a new crypto whale when Bitcoin approached $71,000.
The $BTC price broke $71,000, recording a new ATH!
Fresh whale 3Khjn withdrew a total of 4,192 $BTC from #Binance at ~$68,937 (cost: $289M) in the past 1.5 days, now making $10M+!
Follow @spotonchain and turn your 🔔 at https://t.co/xdn6HytMMe pic.twitter.com/EURNsQqG0x
— Spot On Chain (@spotonchain) March 11, 2024
According to Spot On Chain, a new whale dubbed “3Khjn” withdrew 4,192 BTC worth $289 million from Binance when the price was around $68,937 in the previous 1.5 days.
The whale is now sitting on gains of $10 million if they were to sell at current prices. Withdrawals from cryptocurrency exchanges signal an intention to buy or accumulate, while deposits signal an intention to sell.
The timing of the BTC buy was especially intriguing because it occurred at the same time that Bitcoin’s price and trade volume were skyrocketing.
While the identity and motives of the buyer remain shrouded in mystery, the BTC buy has commanded attention.
It could be a whale or an institution attempting to capitalize on Bitcoin’s upward trend. It could also be a strategic move by a large player, which signals confidence in Bitcoin’s future trajectory.
Despite the lack of concrete information, the potential implications of such a significant purchase might vary. It might signal institutional interest in Bitcoin, citing the growing adoption of cryptocurrencies by traditional financial institutions and corporations. It could also be a bullish indicator, suggesting that the buyer was betting on Bitcoin’s long-term potential and resilience as a store of value.
At the time of writing, BTC was up 2.54% in the last 24 hours to $71,702. Earlier, it had reached intraday highs of $71,815, which marked its new ATH (all-time high).
