Did Whales Drive Bitcoin’s Price to $28,000? Current Santiment Report!

  • Santiment noticed numerous massive Bitcoin transactions conducted by whales just before Bitcoin managed to reach $28,000.
  • Santiment observed that whales withdrew significant amounts of BTC from exchanges to their wallets just before Bitcoin made a 5.48% jump to the $28,500 region.
  • These transactions reduced the Bitcoin supply held on exchanges from 5.99% to 5.73% since September 1, which the Santiment analytical team noted as a “continued positive sign.”

The price of Bitcoin began to captivate with an upward move as it entered October, but this rally later came to an end. What are the reasons behind these two events?

How Bitcoin Surpassed $28,000?

bitcoin-btc

Chain data analytics firm Santiment noticed numerous massive Bitcoin transactions conducted by whales just before the flagship cryptocurrency Bitcoin briefly managed to reach $28,000, a price level not seen in the past six weeks.

However, Bitcoin fell back below $28,000 as whales started moving BTC to major exchanges to sell.

Santiment observed that just before Bitcoin made a 5.48% jump to the $28,500 region, whales withdrew significant amounts of BTC from exchanges and transferred them to private storage wallets. There were a total of four transfers, ranging between $187 million and $346 million in Bitcoin value, according to Santiment’s recent tweet.

These transactions reduced the Bitcoin supply held on exchanges from 5.99% to 5.73% since September 1, which the Santiment analytical team noted as a “continued positive sign.” This marked the lowest level since December 2017, following Bitcoin’s all-time high of $20,000.

Nevertheless, Bitcoin has currently dropped below $28,000 as it experienced a 3.32% loss today.

Bitcoin Retraces as Whales Move BTC to Major Exchanges

Whale Alert, a tracker of significant crypto transactions, noticed several significant BTC stack movements, which were transferred to leading cryptocurrency exchanges like Kraken, Coinbase, and Binance.

Wallets marked as “unknown” by the aforementioned tracker moved 9,895 BTC (valued at $275,564,475) to Kraken, 2,891 BTC (valued at $80,527,639) to Coinbase, and 799 BTC (valued at $22,662,739) to Binance.

This coincided with Bitcoin falling below the $28,000 price line as large BTC investors, commonly known as whales in the crypto community, began locking in their profits.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Trump Highlights Severe Trade Tensions Between U.S. and Europe Amid Heavy Taxes and Lawsuits

On June 28th, U.S. President Trump highlighted the complex...

Bitcoin Sees Massive 11,770 BTC Outflow from Major CEXs Including Coinbase Pro and Binance

According to the latest data from Coinglass, centralized exchanges...

Bitcoin Spot ETF Sees $2.214 Billion Net Inflow in U.S. as BlackRock Leads with $1.31 Billion

According to data from Farside Investors, the United States...

TRUMP Token Liquidity Pool Drains $6.77 Million in Major Withdrawal, Reports OnChain Lens

According to OnChain Lens data reported by COINOTAG News...

US Senate’s $4.2 Trillion Tax Plan Sparks Debate Ahead of Bitcoin Deadline

The U.S. Senate, under Republican control, has unveiled a...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img