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: