The first half of 2022 saw record sell-offs in the Bitcoin market, but large entities in the space continue to dominate. The Bitcoin Block Bot on Twitter recently detected that an unknown whale moved 10,156 BTC, worth $390 million when converted to USD. This came during a time when Bitcoin was trading around $38K.
In the last couple of hours, Bitcoin Block Bot showed that a whale moved 10,156 BTC worth $390 million in block 721,242 as the flagship cryptocurrency traded at around $38K. For those who aren’t familiar with the term, whale investors are those people who have BTC worth $10 million or more. This type of investor typically moves their crypto out of exchanges when they plan on holding onto it for an extended period.
Shifting away from its recent bearish trend, Bitcoin finally increased back to $38K on Tuesday. The flagship crypto asset has increased by 2%, while its competitor ether is up by 4%. In the past, Bitcoin typically showed positive changes when February rolls around, so this could give traders a bit of hope for the future of BTC.
Nevertheless, some investors are still skeptical even though BTC has increased due to regulatory and macroeconomic risks.