Whale Dumping of 10k Bitcoins: Are Some Whales Cashing Out?

Dumping

Bitcoin Recently Hit An All-Time-High of $66,800

A recent release by Glassnode stated that A record-breaking 10K #Bitcoin ($625 million) was just dumped by one of the largest whales.

Bitcoin is now trading above $65,000 in a new record high not yet seen in the coin market. Among the happenings observed this week is the movement of BTC worth $625 million from a wallet apparently owned by a whale. This is not the first time that we have witnessed whale dumping of bitcoins.
The recent movement of a large volume of coins dumped in the market however did not have an adverse effect on the rising price of the digital asset. The recent dump of 10,000 bitcoins took place on October 19, when the price of Bitcoin hit the $60,000 mark. This is the resistance that some doubted that the cryptocurrency would bridge.

According to GlassNode, more whales are holding less coins and this is due to
“Clearly betting on a major downside, while retail FOMO’s in last minute around all-time highs.”

Such high volume dumps are usually accompanied by downward price movement, but is not clear if this particular 10,000 coins dump had such impact as the bullish trend in the price of BTC was hardly affected.

Nevertheless, there are indications that the price of Bitcoin may undergo some corrections before we can see higher prices up to $70,000 which would be another unprecedented value of the digital asset.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.