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Bitcoin whales move funds as asset price creates higher support

October 17, 2020

Large entities were back in the crypto ecosystem big fundraiser in Bitcoin in the past 24 hours as the BTC price prints higher supports suggesting an eruption of its ascending channel.

According to data from Whale alertThe company specializes in monitoring large cryptocurrency transactions and large units of capital, which in crypto slang as “Whales“”Whales in English», In the past 24 hours, just over $ 280 million has been transferred between wallets with unknown addresses. according to data from Nairametrics.

The start of the transmissions was recorded this Friday October 16, 2020 at 07:50:25 UTC with an amount of 998 BTC Valued at just over eleven million dollars at the time of the transaction, between a Huobi wallet and another that sits on the controversial OKEx exchange.

Bitcoin whales move funds as asset price creates higher support
Bitcoin whales move funds as asset price creates higher support

After hearing the news of the police investigation into the president of the giant cryptocurrency exchange OKEx, these companies mobilized around 8,500 BTC to the popular Binance exchange in two additional transfers worth just over $ 95 million.

The last movement was reported this Saturday, October 17th, 2020 at 03:19:31 UTC with a 1,028 BTC transaction between multiple addresses on the Huobi exchange and a Binance wallet., a transaction valued at just over $ 11.6 million.

Bitcoin whale transactions occur at a critical time for asset price. After BTC tested key resistance at the bullish Fibonacci levels in the $ 11.732 area, and after the OKEx Exchange suspended withdrawals related to scandals, BTC appears to have found stronger support on current levels of $ 11,350.

While whales have contributed significantly to the downward pressure by selling some of their property, The price is still in an ascending channel with the possibility of a final uptrend. if it holds support above the 50-day moving average. If not, it could cross an undesirable bearish pattern towards the $ 10.825 retaining wall.

The above is consistent with the updated reports on the addresses of the major companies designated as “Crypto whales‘. Glassnode had previously indicated that the number of Bitcoin whales “Companies that own> 1k BTC” The on-chain analysis showed that the number of addresses owned between 1,000 BTC and 10,000 BTC fell from 2,082 to 2,078 addresses in the period from October 13 to 16.

The same behavior was recorded for the number of addresses with 10,000 to 100,000 BTC, which went from 109 on October 12th to 104 on the 16th of the current month, as reported by FxStreet.

Not just Bitcoin, but Ethereum as well

In addition to Bitcoin, some mobilizations for the most important Altcoin on the market have been reported in the past few hours. Beyond reports of transfers of Ethereum funds stolen during the recent KuCoin Exchange hack.

Among the most notable is the transfer for 194,519 ETH, registered at the end of the afternoon of last Friday October 16. for a corresponding amount of just over USD 71 million between wallets with unknown addresses.

As mentioned above, the Whale Alert company has issued newsletters about transactions with Ethereum funds stolen from Kucoin. As of this writing, 5,814 ETH have been moved to wallets from unknown addressesfor nearly $ 2.1 million in the past 24 hours.

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