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?

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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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