Hodler sold his BTC assets after 2 years of storage

A Bitcoin large scale investor having 9,000 BTC have sold them in 22 months after two prices significant decrease.

The large-scale BTC investor is called BTC whale. Based on the information from Data from Whalemap this amount had been purchased in the third quarter of 2018.

The trader with nick “Byzantine General,” who shared the data, mentioned:

“This whale is a legend. See that big bubble around 6k in 2018? That’s almost 9k BTC that was accumulated there. He finally took profit, after 2 years and 2 major capitulation events.”

After 22 months of hodling the asset has been sold at the amount of 12K USD per each BTC.

Number of Bitcoin in a whale assets. Taken from: Byzantine General, Whalemap

Source of BTC whale profit?

Based on Cointelegraph recent report big concentration is presented at the level from 12 to 14K USD by thus making whales to think either to sell or to hold.

If the chart shows whales cautiousness it means that local peak is still unclear. Whales always follow liquidity and sell assets only in case if it is sufficient.

So it means that the price of BTC is not necessarily on its peak if the whales start to sell off their assets. The most obvious reason why whales sell off their assets is the BTC approximately high volume.

One anonymous trader known as Bitcoin Jack, thinks that the market remains “awkwardly” driven by the spot market. He says the following

“Market remains awkwardly spot driven for now. Market remains relatively high on-chain dominance Price expansion is therefore imminent again—direction unclear but low derivatives vs spot and spot exchange vs onchain dominance indicates we have not seen an irrational top.”

When the market is significantly influenced by the derivatives market, whales have less liquidity to look for so the price movements are less evident.

BTC traders nearest future expectations

For the moment the traders are rather confused about Bitcoin. Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange and Cointelegraph Markets analyst, says BTC could be  $10,000  in  case if it does not manage to stay on $11,450. He said:

“Pretty easy going here as there’s a rejection at $11,600. If we hold the $11,450-11,500 area I think we’ll have a breakout towards $12,000 in the coming week. Losing the green zone and I’m targeting $10,700 or even $10,000.”

After almost three-fold increase in price, a consolidation phase in the near term could reinforce BTC long-term positions.

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