With Bitcoin fluctuating between $16k and $18k, the cryptocurrency market has recently stayed quite stable despite uncertain macroeconomic conditions and the risk of FTX contagion. While the market is consolidating, whales are hoarding several currencies in anticipation of a positive surge as 2023 approaches.
However, an anonymous whale has transferred about 15,480 Bitcoin. According to a crypto analyst and Maartunn, over a period of three to four years, Bitcoins were dormant and the analyst also noted the movement of 4000 BTC, which had been dormant for about two or three years.
The ancient whale’s wallet was worth more than $1 billion when Bitcoin reached its all-time high. The whale’s investment portfolio lost a significant portion of its value as market conditions worsened. From a wallet that once had $1 billion, there was just $250 million left at the time of the transaction.
The whale initially acquired 15,000 BTC in 2019, but it wasn’t until recently that he moved them back to another wallet. The wallet’s activity, however, suggests that either a blockchain-based company that required urgent liquidity or a large retail investor who has been holding and accumulating Bitcoin on numerous wallets is the owner.
Furthermore, once altcoin dominance crossed 50%, the BTC movements coincided with Maartunn’s prediction of a new market meltdown. The conclusion of the 2021 bull run, the Ethereum Merge, and the 2018 ICO bubble all followed the same trajectory.
Maartunn also expressed concern about the potential for more capitulation as a result of the increase in costs for Bitcoin. He admits that the rising interest rates are not a bad omen. However, he points out that if the price moves in the opposite direction, these traders would have to close down their holdings.