As Bitcoin exceeded $116,000 for the first time in three weeks, the long-term Bitcoin holder, which sold $4 billion in holdings for ether last month, has started selling again.
Two Bitcoin (BTC) wallets tied to addresses deposited in cryptocurrencies for over eight years, over $136 million, with over $136 million in high lipids, according to X’s LookonChain.
LookonChain said it took a two-week break after trading more than $4 billion in Bitcoin in late August.
The whale movement suggests where interest in “smart money” is changing. Traders could see sudden movements have had a negative effect after years of inactivity. This is because BTC can be dropped into the open market and prices can be pushed down.
sauce: Lookonchain
My wallet dumped bitcoin for ether
Lookonchain wrote on September 1st that Bitcoin Zilla, which had been tracking over the past two weeks, sold 35,991 BTC, which was then $4 billion for ether.
The ETH to BTC ratio remains relatively flat, but whales currently lose 460 BTC, worth around $53 million, when replacing ETH holdings for BTC.
The ETH to BTC ratio has been below 0.05 since July last year, reaching its highest ever peak at 0.14 in mid-2017. It is currently at 0.0401, earning 6% in the past month.
Bitcoin whiver at $116,000 resistance
Bitcoin, meanwhile, saw resistance at $116,000. This is the price that reached its first Friday on August 23rd, about three weeks ago.
Bitcoin has been trading flat at $115,500 over the last 24 hours, struggling to hit a low of $116,182 and under $115,000, struggling to well above $116,000.
Related: Bitcoin traders say “time to pay attention” to a $115,000 BTC price
It’s down 7% from its peak high of over $124,000 from its peak high on August 14th.
Other whale wallets move bitcoin
The latest Bitcoin Zilla sales seen by Lookonchain follow other high value wallets sold in the past few weeks.
The wallet, which held nearly 445 Bitcoin, which hadn’t been trading in nearly 13 years, moved on Thursday, sending some of its stash to Crypto Exchange Kraken.
At the beginning of September, the wallet, which had nearly 480 bitcoins, made its first transfer since 2012.
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