Bitcoin Whales Stir the Market with Nearly $500 Million in BTC Transfers
- Bitcoin worth more than 4,203 was transferred within a few hours by Bitcoin whales; this move could be a sign of potential market shifts.
- Major exchanges like Bitfinex, Kraken, and Coinbase Institutional were involved, with several Bitcoin transactions moving in and out of its wallet.
Bitcoin whales have once again made big moves that have caught the attention of members of the crypto community. In the early hours of today, on-chain data recorded about $500 million worth of BTC transferred across various wallets.
According to on-chain data from Whale Alert, over six large Bitcoin hodlers made transactions from their wallets to other crypto exchanges. The transfers were made within the last few hours at a minimum of three hours time difference from the different wallets.
The total amount of transfers made during that period was more than 4,203 BTC, which is over $500 million. The decisions behind these movements are still unknown, but oftentimes, when these kinds of whale-sized transactions happen, it shows significant market developments surrounding Bitcoins next move.
Breaking Down the Bitcoin Whale Activities
Some of the wallet movements include the transfer of 751 BTC, which is currently worth about $78.1 million, moved from Bitfinex to a newly created, unidentified wallet. Another transfer involved moving 795 BTC (around $82.7 million) from an unknown wallet to Cumberland, a well-known institutional liquidity provider.
Additionally, there were also transfers from Kraken to unknown wallets. One was worth about 632 BTC ($65.6 million), another was 707 BTC ($73.8 million), and the final one was worth 810 BTC ($84.7 million). This recent withdrawal from Kraken possibly indicates that large holders are withdrawing their funds for safekeeping or are pursuing private custody.
The final transaction recorded the transfer of 508 BTC, which is worth over $53 million, sent from an unknown wallet to Coinbase Institutional. These sudden movements, as is normal in the crypto space, are not randomthey are possible footprints that probably show how whales are repositioning themselves ahead of potential market volatility.
More Reading: Uniswap Becomes the First DEX to Hit $3 Trillion in Lifetime Trading Volume
Read more: https://www.tronweekly.com/bitcoin-whales-stir-the-market-with-nearly-500-million-in-btc-transfers/
Text source: TronWeekly
