This Whale Secretly Withdraws 14,712 Bitcoins Worth Rp7.4 Trillion, Makes BTC Prices Drop?

The price of Bitcoin has decreased in recent days. (photo: Unsplash doc)

JAKARTA – The owners of the most Bitcoins or so-called whales were detected making movements by sending 14,712 BTC worth 500 million US dollars (approximately Rp7.4 trillion) to an unknown digital wallet address. The massive transfer was carried out 11 times in 17 hours.

According to The Daily Hodl, the only number that has changed is the total value of the US dollar as the market experiences price fluctuations. Those tens of thousands of BTC were worth 616.18 million US dollars during the delivery, which fell nearly 4 percent to 591.87 million US dollars million in the second transaction.

The price of the large amount of Bitcoin started to recover slightly to 593.72 million US dollars as it completed its tortuous journey across a dozen unique wallet addresses. At the time of writing, Bitcoin is down 2.6 percent on the last day and is trading at $39,731 per coin.

Analytics firm Glassnode said in a tweet that the overall bearish environment in crypto since late 2021 is reshaping the BTC investor landscape.

“This bear market has restructured Bitcoin holdings, with BTC out of short-term speculatives, and into the hands of longer-term investors. Statistically, it looks like we've just seen the largest capitulation of the two groups," wrote Glassnode.

“What we have seen over the last five months is a 50%+ correction which appears to have significantly overhauled BTC's ownership structure. A lot of long-term holders with coins above $50k seem completely unaffected, while others are completely shaken, to historically significant levels.”

Next, Glassnode put out an in-depth video analysis of the situation. It is also mentioned that the current conditions have made short-term Bitcoin holders shaken and relinquished their holdings when the price started to rise. However, it is also mentioned that the current market situation has also affected long-term Bitcoin holders who are said to "seem to have given up" during the current bear market.