Some investors prefer to cash in their gains from Bitcoin and other cryptocurrencies when they see short-term price increases, while others opt to hold on for potential long-term profits.
Recently, a large Bitcoin holder, often referred to as a “whale,” moved 7,000 Bitcoins (worth about $244 million) to the Bitfinex cryptocurrency exchange.
Typically, when Bitcoins are moved to exchanges, it suggests an intention to sell. However, it’s not always a guarantee that a sale will occur.
In this case, the whale’s transfer was seen as a sign that they purchased Bitcoin at lower prices and wanted to secure profits following its remarkable surge from around $27,000 in October.
According to data from BitInfoCharts, this whale acquired 46,500 Bitcoins at prices under $20,000 between November 2022 and January 2023, making them the 14th largest Bitcoin holder globally.
In late March and early April, the whale transferred a total of 36,500 Bitcoins to Bitfinex. Afterward, they continued accumulating more Bitcoins, taking advantage of a price drop to $26,000 to acquire an additional 2,000 Bitcoins.
*This is not investment advice.