Bitcoin whales move funds as asset price creates higher support

Large entities have been back in the ecosystem cripto, with major fundraising in Bitcoin in the last 24 hours as the BTC price prints taller supports which suggests a breakout of its ascending channel.

According to data from Whale-Alert, the company specialized in monitoring large transactions of cryptocurrencies and large capital entities known in slang cripto as “Whalesโ€œ ยซwhales in englishยป, just over $ 280 million was transferred in the last 24 hours between wallets of unknown addresses, according to figures reported by Nairametrics.

The start of the transfers was recorded at 07:50:25 UTC this Friday, October 16, 2020, with an amount of 998 BTC valued for the time of transaction in a little more than eleven million dollars, between a coin purse of the exchange Huobi and another located on the controversial OKEx exchange.

After knowing the news about the police investigation into the president of the giant cryptocurrency exchange OKEx, these entities mobilized around 8,500 BTC towards the popular Binance exchange in two additional transfers, together valued at just over $ 95 million.

The last movement was reported at 03:19:31 UTC this Saturday, October 17, 2020 with a 1,028 BTC transaction between multiple addresses located on the Huobi exchange and a wallet of Binance, a transaction valued at just over USD 11.6 million.

The transactions of Bitcoin’s whales occur at a critical time for the asset price. After testing key resistance at the bullish fibonacci levels in the $ 11,732 band and experiencing rejection coupled with scandals following the suspension of withdrawals by OKEx Exchange, BTC appears to have found stronger support higher in the current levels of $ 11,350.

While whales have contributed greatly to the downward pressure by selling some of their properties, the price is still in an ascending channel with the possibility of generating a definitive break to the upside, in case it holds its support above the 50-day moving average. If not, it could cross an undesirable bearish pattern towards the support wall of $ 10.825.

The above coincides with the updated reports on the addresses of the large entities known as’crypto whales‘. Glassnode had previously pointed out that the amount of Bitcoin whales “Entities that own> 1k BTC” had been in an uptrend for the last few months, on-chain analysis suggests that the number of addresses holding between 1,000 BTC and 10,000 BTC has fallen in the period from October 13 to October 16, going from 2,082 to 2,078 addresses.

The same behavior was recorded in the number of addresses that have 10,000 – 100,000 BTC, going from 109 on October 12 to 104 on the 16th of the current month, as reported FxStreet.

Not just Bitcoin, Ethereum too

In addition to Bitcoin, in the last hours some mobilizations have been reported on the most important altcoin in the market, beyond the reports of transfers on the funds of Ethereum stolen during the recent hack of KuCoin Exchange.

Among the most notable is the transfer for 194,519 ETH recorded at the end of the afternoon of last Friday, October 16, for an equivalent amount of just over USD 71 million between wallets of unknown addresses.

As mentioned above, the Whale-alert company has been issuing newsletters about transactions involving Ethereum funds. stolen of Kucoin. As of this writing, 5,814 ETH has been moved to wallets from unknown addresses, for an amount close to 2.1 million dollars in the last 24 hours.

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