Over 132K Btc Has Been Transferred to Exchanges by Bitcoin Whale in the Last Three Days

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According to BitInfoCharts data from Thursday, the former third largest off-exchange whale has emptied its wallet after transferring all of its Bitcoin holdings to exchanges over the last three days.

According to Whale Alert, a blockchain tracking system, the unknown whale transferred about 29k BTC in four quick transactions on Thursday. The whale initially made three transactions totaling more than 8000 BTC before making the final transaction of 4007 BTC moments later.

As previously reported, the same whale transferred 46,000 BTC and 15,500 BTC in the last two days, fueling speculation that it was leaving the market and a dump was imminent. It’s worth noting that whale movements have historically been good predictors of future price movements.

There Is No Need to Panic

While Whale Alert identified the receiving Bitcoin address as belonging to a Coinbase hot wallet, indicating the whale’s desire to sell, CryptoQuant CEO Ki Young Ju believes the on-chain data indicates otherwise.

According to Ki, in a Wednesday Twitter thread, the transactions represent an internal transfer to a Gemini custodian wallet because the addresses were mislabeled.

“This one is just an internal transfer to “1LQoW…” which might be a cold wallet or custodian wallet, highly likely owned by @Gemini,” tweets Ki. “What’s obvious is that it’s not a user deposit to exchange hot wallets for selling $BTC. Not at all.”

Notably, the CryptoQuant CEO, updating the thread today as the whale address empties its wallet, mentions that the transfer appears complete.

It is worth noting that the crypto markets have had an impressive run this week, with Bitcoin reaching the $24,000 price point and the total market cap exceeding $1 trillion. Notably, Bitcoin broke its longest extreme fear streak of 73 days by breaking through the significant 200 WMA resistance.

Bitcoin is trading just below the $23,000 mark, up 13.91 percent in the last seven days.