A recent Bitcoin whale withdrawal has captured attention across the crypto space. On-chain data tracker Whale Alert reported a mysterious whale moving 2,000 BTC—worth over $137 million—from Bybit to a private wallet. This activity is stirring conversations as Bitcoin prices hover below $70,000, signalling that whales remain undeterred by recent price fluctuations.
Whale Withdrawal Sparks Interest
🚨 🚨 🚨 🚨 🚨 🚨 2,000 #BTC (137,247,624 USD) transferred from #Bybit to unknown wallethttps://t.co/kd6AzACBYI
— Whale Alert (@whale_alert) November 4, 2024
The whale, now holding a formidable 51,710 BTC valued at $3.57 billion, has caught the eyes of crypto enthusiasts and analysts alike. Market sentiment in the community remains largely positive, with many noting this could indicate confidence in Bitcoin’s long-term value. “Keep scooping up $BTC on this dip,” one user encouraged, while another speculated on “what’s cooking.”
Growing Whale Activity on Binance
According to data from Lookonchain, five major Bitcoin holders collectively purchased 2,780 BTC (close to $200 million) since November 1. Notably, these whales made significant withdrawals from Binance, including one who purchased 880 BTC, adding to a cumulative BTC reserve among whales that many believe could stabilize prices.
As $BTC drops below $70,000, whales are still accumulating $BTC!
5 whales has accumulated 2,780 $BTC($192.4M) since Nov 1.
1DL34f withdrew 880 $BTC($61.18M) from #Binance at $69,519 and currently holds1,381 $BTC($95.12M).
bc1qw0 withdrew 615 $BTC($41.7M) from #Binance at… pic.twitter.com/SICXpxae9o
— Lookonchain (@lookonchain) November 4, 2024
Between Friday and Sunday, Bitcoin dipped nearly 5%, falling from $71,200 to around $68,000. Although BTC has since rebounded by almost 2%, the recent downturn reflects ongoing market volatility, partly attributed to global economic uncertainties and the approaching U.S. elections.
Community Optimism Prevails
Despite the price drop, large-scale BTC purchases by whales have injected optimism into the market. Analysts suggest that whale activity amid current prices indicates their belief in Bitcoin’s future potential, signaling bullish confidence even during market turbulence.
