Bitcoin (BTC) racing to its all-time high (ATH) seems to have sparked a buying frenzy amongst crypto whales as seen in a shocking amount of withdrawal from the crypto exchange Binance as the digital asset hit the $73000 mark yesterday.
The buying spree amongst crypto whales has rejuvenated the market as it enhanced the ongoing positive momentum. Bitcoin is now looking to end the month with a new high just in time for the US election.
As the market opened today, October 30, crypto exchange Binance saw a massive Bitcoin transaction worth $91 million. This was a huge withdrawal from one of the world’s largest crypto exchanges. When Whale Alert, a crypto monitoring platform tracked the transaction, it found that 1260 BTC tokens haven been moved to an unidentified crypto wallet from Binance.
Analysts have interpreted this move by a Bitcoin whale as a sign of a bullish trend. Generally, such large withdrawals indicate the crypto investors' confidence in the digital asset has increased. Crypto traders move such large funds to external wallets when they want to hold the digital currency for a long period instead of indulging in frequent selling and buying, which ultimately results in a surge in the token’s price. Hence, this movement by a crypto whale is indicative of the long-term holding preference of investors which will further push BTC towards its ATH.
Analysts say withdrawals like this will have a heavy impact on Bitcoin’s price as its supply reduces in the crypto exchanges. The low supply and high demand of BTC will cause the price to surge as fewer coins remain available for purchase on the open market.
As the day opened on October 30, BTC was witnessing an upward trend as it gained 0.2% in the last 24 hours to trade at $71,622.59. This slow and steady gain showed the crypto traders' enthusiasm towards Bitcoin as large and small - both investors are harbouring a bullish sentiment. This is fueled by recent crypto whale activities and positive market fundamentals.
At present Bitcoin has its eyes set on its $73800 ATH which was last seen in March. Analysts predict that a new high is on the cards as indicated by the bullish behaviour observed in crypto whales and the current market momentum.
As of October 30 evening, Bitcoin is trading at $71,928, down 1% in the last 24 hours while its trading volume has decreased by 9% to reach $48.62 billion. BTC’s market capitalization stands at $1.42 trillion, going down by nearly 1% in the last 24 hours.