Bitcoin News Today: Bitcoin Whale Moves $4.77 Billion BTC Amid Sell-Off Fears

In a significant development within the cryptocurrency market, a Bitcoin whale, one of the oldest and wealthiest holders, recently transferred over $4.7 billion worth of BTC to a new wallet. This move, reported by blockchain analysts, involved the transfer of 40,192 BTC, valued at approximately $4.77 billion. The whale had previously transferred 40,009 BTC to Galaxy Digital, which then routed 6,000 BTC to major crypto exchanges. This series of transactions indicates a substantial sell-off by one of the oldest and richest Bitcoin holders, who originally received the BTC in April and May of 2011 when Bitcoin was trading between $0.78 and $3.37.

This whale had remained inactive for over 14 years, making the sudden movement of its entire crypto holdings noteworthy for traders, analysts, and Bitcoin historians. The transfer raises questions about the potential impact on Bitcoin's price, as large wallet movements to exchanges are often interpreted as impending sell-offs. Some analysts suggest that the recent pullback in BTC price may have been triggered by whales taking profits after the massive rally. If this trend continues, the fear of further sell-offs could weigh on Bitcoin’s price in the short term, even as the bullish momentum wanes.

In a related incident, another smaller Bitcoin whale reactivated after six years of silence. This wallet moved 1,042 BTC, worth roughly $123 million, into a new address. Originally funded by Braiins Mining and Xapo Bank when Bitcoin was priced around $8,746, the wallet’s holdings were worth just $9.12 million at the time. The reactivation of this long-dormant wallet further reinforces the sell-off narrative, suggesting that more whales may be preparing to liquidate their holdings.

While Bitcoin faces sell-offs, altcoins are beginning to gain traction. Several technical indicators and price patterns point toward a long-awaited altcoin season. For instance, a cup-and-handle breakout on the TOTAL3/USD chart suggests that altcoins might be ready to collectively double in price, moving from $1.1 trillion to $1.98 trillion. Veteran trader Peter Brandt noted a similar pattern on TOTAL2, which includes all crypto assets except Bitcoin, with an expected target of a $2.78 trillion market cap. If TOTAL3 breaks past the $1.1 trillion neckline and Bitcoin’s dominance continues to weaken, the market may be on the brink of one of the biggest altcoin runs since the 2017–2018 cycle.

This shift in capital rotation away from Bitcoin could be bullish for Ethereum and other altcoins before the current bull cycle ends. Analysts expect the current altcoin market cap to nearly double soon if the bullish momentum continues. The recent movements by Bitcoin whales and the emerging altcoin season indicate a dynamic and evolving landscape within the cryptocurrency market, with potential opportunities for investors to capitalize on the shifting trends.