One of my favorite past times is following Whale Alert and watching large amount of BTC move in the market. Paying attention to these numbers and movements can tell us a little bit about the current market conditions.
With that being said, it should be no surprise that certain whales are taking profit after this week's market recovery. BTC is currently trading at $37,738.90 as of this writing after dipping below 30k for the first time since its rise this past December/January, you can't blame someone with $4 Billion worth of BTC in their wallet for taking a little bit of profit... of course taking $56 million in profit is more than most of us could ever dream of taking.
What Does This Tell Us About The Upcoming Market?
Well, not as much as you would hope.
On face level, watching this same Whale that sold the last time BTC hit $40k is worrying when you are trying to forecast your future Crypto buys. (DCA all the way)
However, this same whale sold 1500 BTC in January as well and has a reoccurring buy and semi-frequent intervals.
Always take into account relative movement!
This individual is not leaving the market completely, not anywhere close. 1500 BTC is only 1% of their BTC holdings in this wallet.
This seems like a consolidation/hedging strategy and frankly, is a great reminder to take some profits out along the way.
How are you feeling about the market this week? Are you taking profit?