"Wahhh there are so many purchases, it's like there's no tomorrow."
The price of Bitcoin (BTC) on Sunday yesterday rallied back to $70,312 as a whale of a massive buying of the cryptocurrency saw an inflow of about 15,745 BTC worth $1 billion.
So here it can be seen that whale t has been influencing the crypto trend especially during the important period in the bullish cycle plus experts suggest the decline in the price of BTC may spark new bullish activity before the future climb.
According to a crypto commentator on the X social media platform called MartyParty, whales who bought large amounts of BTC when the price was falling moved the digital asset out of OKX after BTC rose slightly.
The movement of BTC withdrawals from centralized exchanges indicates a higher push for the price to last longer while transfers to exchanges indicate further selling pressure of BTC being easily sold on exchanges and held longer by other custodians.
It is also widely known that the BTC whale has resumed activity shortly after a decade of inactivity, where it holding 1,701 BTC worth $155 million has transferred a total of 246 BTC to two different addresses .
Although the motive is still unknown, the approaching halving event has been questioned as it is seen as a bullish phase for BTC and it should be known that BTC miners also put back their holdings in the exchange and reserves before the halving takes place.
Additionally, the recent BTC price rally was also triggered by massive inflows following the approval of the spot BTC ETF by the Securities and Exchange Commission (SEC).
As of this writing, BTC price has jumped by 0.35% to $69,284 in the last 24 hours with a market cap of over $1 trillion but is still down 2.43% over the last week.
