Pakinomist – With the price of (BTC) recently breaking a new all-time high (ATH) above $109,000, market participants are largely redefining their positions. In an unusual series of events, crypto data tracker Whale Alert flagged three whale transactions on Robinhood (NASDAQ: The transactions have BTC withdrawal from the US brokerage, a sign that Bitcoin whales are not worried about buying the coin at the top.
Robinhood Bitcoin Whale Stacking
According to the Whale Alerts insight, 500 BTC worth $54,098,752 was transferred from Robinhood to an unknown address in the first observed Bitcoin transaction. Another transaction with the same 500 BTC amount was also initiated. However, judging by their different hashes, these two transactions are different.
The next 500 BTC transaction worth $54,305,084 also left the trading platform in less than 15 minutes. There is no indication that this is a dormant whale that has come to life, as the wallets have recent records of large transactions. In total, these three transactions were worth $162,502,588.
Despite Bitcoin’s high price outlook, the coin remains a favorite among high net worth individuals. Although many may insinuate that the coin is currently overbought, these whales believe in the “omega” rally propagated by Samson Mow.
Should these three transactions be acquired, a long-term HODLing move could be initiated.
Expectations going forward
Some catalysts may affect the price of Bitcoin going forward. The spot BTC ETF market remains positive, with the latest data showing inflows of nearly $1 billion on January 17. This ETF market, MicroStrategy acquisitions and other institutional investors have set a high demand base for the coin.
Despite the high prices, Bitcoin’s technical strength also proves that a supply squeeze is ahead. Bitcoin mining has not matched demand since the last halving, placing BTC on the path to a massive long-term rally.
