This morning, a Bitcoin whale sold $9,708,970 worth of XBT contracts on the BitMEX exchange. In the early hours of Oct 11, the BTC was sold at a price of $8,413.
While assessing and identifying market trends is no straightforward task, following the money in the way of large transactions can be a very useful indicator.
A transaction of this magnitude by a major player followed by a sell may very well be a precursor to a significant dump in the price of Bitcoin.
Therefore, keeping track of such transactions by accounts such as @whaletrades can be very helpful in determining the direction of future price movement and predicting rapid increases or decreases.
Unsurprisingly, what followed shortly after was a rapid price decrease of about 5% inside one hour.
Credit: YouTube
