Even after the record sell-offs witnessed in the Bitcoin market in the beginning of 2022, the market remains dominated by large entities.
In the last couple of hours, Bitcoin Block Bot showed that a whale moved 10,156 BTC worth $390 million in block 721,242 as the flagship cryptocurrency traded at around $38K
Whale alert! 🐋 Someone moved 10,156 BTC ($390M) in block 721,242 https://t.co/CaHrYVszIR
— Bitcoin Block Bot (@BtcBlockBot) January 31, 2022
Whale investors (those with $10 million or more in BTC) usually send their cryptocurrency from exchanges when they intend to hold it for a long time.
In a shift away from bearish sentiment, Bitcoin returned above $38K on Tuesday. For the day, the pioneer crypto is up 2%, while ether is up 4%. Bitcoin has historically produced positive returns in February, which could give bullish traders some hope.
There seems to be limited upside toward $45K, although short-term buyers could continue to be active around the $35K-$37K support zone
Some market pundits remain sceptical despite the recent price bounce because macroeconomic and regulatory risks remain high.
United States Congressman Ted Budd submitted an amendment this week to scrub a bill provision that allows the U.S. Treasury to prohibit certain financial transactions without consulting the public. Investors seemed to be digesting this regulatory news.
As the Biden administration prepares to issue an executive order in February regulating Bitcoin for national security reasons, regulatory concerns arise.
It is difficult to predict whether this executive order will be beneficial to the industry or detrimental to it.
