This Whale is Cashing Out Millions as Bitcoin (BTC) Price Correction Looms

A Bitcoin whale has entered a massive selling spree, offloading 411 Bitcoin for about $15.2 million. According to data from Lookonchain, the whale first converted the Bitcoin to Wrapped Bitcoin (WBTC) before selling it at an average price of $37,023.

The whale still has 155 WBTC, worth about $5.74 million.

A whale is selling $BTC.

This whale bridged $BTC to #Ethereum to sell and has sold a total of 411 $WBTC for 15.2M $USDC at $37,023.

There are currently 155 $WBTC($5.74M) left in the wallet.https://t.co/hRN6nmZAVd pic.twitter.com/5C70u73gzJ

— Lookonchain (@lookonchain) November 13, 2023

BTC’s bullish momentum has spread optimism to the crypto community, and the current ETF narrative has pushed the price above $37k. Interestingly, the amount of inflows into exchanges from large whale addresses has declined compared to previous years, indicating a more resilient sentiment among large holders.

Likewise, another whale withdrew 716 BTC, $26.5M from Binance on Nov. 13, according to Lookonchain. The whale has bought 4,232 Bitcoin, worth $156.5 million, since Oct. 4. The whale paid an average of $31,452 per Bitcoin and is now making a profit of $23 million.

The recent whale activity comes as BTC breaks above $700B in market capitalization, reaching $730B this week —an amount not seen since April 2022. This puts BTC’s dominance at 50.69%.

The cryptocurrency market’s resurgence has kept whales busy, actively accumulating several cryptocurrencies. But, as CryptoPotato reported, large investors are hoarding lower-cap altcoins than established market leaders like BTC and XRP.

Bitcoin Stagnates

Bitcoin is trading at $36,600 at the time of writing, a -1% decline in 24 hours. Further, looking at the chart, we can notice how BTC’s price has stagnated after providing considerable gains in October, led mainly by the hopes of a potential approval of a BTC spot ETF in 2024.

Most in the crypto community believe a spot ETF approval is imminent. However, some experts predict that BTC will continue to surge — reaching prices above $40k and $45k by December this year or Q1 2024— until the SEC finally approves the ETF, after which the capital will rotate to the altcoin market.

For some interesting Bitcoin price predictions, make sure to check out our video here: