According to Whalemap, the "typical" OTC transaction indicates that 2018 bear market buyers are undergoing change.
According to analysis, Bitcoin (BTC tickers down $19,182), which is worth more than $600 million, moved for the first time since the previous bear market on Oct. 18.
Whalemap, a monitoring resource, highlighted a 32,000 BTC transaction in a Twitter thread.
A whale entity that purchased Bitcoin near the bottom of the previous bear market appears to have sold, which is the latest indication that the current spot price is affecting the behavior of even longer-term holders. Buyer could be "willing to acquire" 32,000 BTC at $19,000.
Whalemap says that this week, for the first time since December 2018, 32,000 coins left their wallet.
"A whale wallet's 32,000 Bitcoins were moved yesterday.In the accompanying commentary, the Whalemap team stated, "They were dormant since December 2018."
Whalemap quickly presented an alternative viewpoint to the conventional bear market narrative, which holds that major investors gave in at the lows, despite the fact that the exact reason for the decision is unknown.The group added:
The $3,900 purchase of the 32,000 BTC stash would have resulted in a significant profit despite the fact that BTC/USD was down more than 70% from its all-time highs.
They are now worth $612 million, compared to the roughly $124 million paid for them four years ago.
Whalemap went on to say that that price zone is a significant area of support because the 2018 lows are so popular as a buy-in point.
It stated, "Not many people know about this, but a lot of Bitcoin was accumulated by whales exactly in the region that the above transaction is coming from," and it added, "A lot of people know about this."
Signs that even $19,000 is becoming popular as a BTC trading or investment play are coming from exchanges this month.
According to data from the on-chain analytics company Glassnode, major exchanges' BTC balances have decreased more per day relative to the previous month than at any time since mid-July.
On Oct. 18 and Oct. 19, the 19 trading platforms that Glassnode monitors were down approximately 100,000 BTC in the previous 30 days.
On Oct. 8, exchanges finished the day with more Bitcoin than they started with a month earlier.
As of Oct. 19, the total balance of all exchanges was just over 2.34 million BTC, down from 2.46 million at the end of September.