While Bitcoin (BTC) recently hit a new all-time high, the crypto world was rocked by the activity of a very old “whale,” a major holder of Bitcoin that has been active for 14 years, dating back to the Satoshi era.
This whale chose to sell 1,000 BTC through the crypto exchange Coinbase just as Bitcoin peaked, triggering a significant market correction to $62,000. The sales transaction came to light thanks to the blockchain analysis platform Spot On Chain.
The whale in question was able to make a significant profit, estimated at around $60 million, as the tokens sold were originally mined when Bitcoin was worth less than $0.28.
More and more whales are cashing in their profits
Data from IntoTheBlock reveals that an increasing number of whales have cashed in their winnings. This analysis also shows that Bitcoin “whales” transactions, defined as transactions worth at least $100,000, increased by 35% in the last 24 hours.
Bitcoin beyond gold?
We remain to see whether the whales are selling at the right time. Anthony Pompliano argues that Bitcoin’s uptrend is far from over and predicts that the cryptocurrency will not only surpass its all-time highs but also be able to double gold’s market capitalization.
Gold, with an impressive market capitalization of $14 trillion, is considered less valuable compared to Bitcoin by Anthony Pompliano. Pompliano even argues that Bitcoin is ten times more valuable than gold.
Based on this belief, he argues that doubling Bitcoin’s market capitalization compared to gold is a logical progression. He highlights the historical cycles in which Bitcoin experienced significant increases in value after surpassing its previous highs.
“When Bitcoin reaches new highs, we start a price discovery phase.”
If the Bitcoin price is there, the price can quickly rise above $100,000.
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Source: https://newsbit.nl/oeroude-whale-verkoopt-1-000-bitcoin-bij-bereiken-nieuw-recordhoogte/
