Bitcoin: Whale Moves $135 Million While the Markets Recover
While the market is starting to regain its bullish momentum, crypto whales are seen to move significant amounts of digital assets.
A Bitcoin holder has recently moved a considerable amount of the cryptocurrency, which is currently valued at over $135 million. According to Whale Alert, an unknown wallet transferred 5,500 Bitcoin to another anonymous wallet when the market was experiencing a pullback.
At the time of the transfer, the price of Bitcoin was around $24,700. The transaction was carried out using multiple addresses and cost approximately $15.61 in total fees.
Since then, Bitcoin’s price has dropped by approximately 6% to $23,820. Meanwhile, Whale Alert has reported other significant transactions involving Bitcoin. Most of these transactions were carried out from unknown wallets to major cryptocurrency exchanges. For example, 1,515 BTC worth $35.96 million were transferred from Binance to an anonymous wallet, while 1,205 BTC worth $30.02 million were transferred from an unidentified wallet to Gemini.
Similarly, 971 BTC worth $23.90 million were transferred from an unknown wallet to Coinbase, and 1,299 BTC worth $31.34 million were transferred from an anonymous wallet to Huobi. These transactions suggest that some investors are taking advantage of the recent surge in Bitcoin’s price to either trade or store the cryptocurrency.
In the past few days, the blockchain analytics platform Santiment has urged its followers to keep a close eye on the number of BTC whale addresses. It believes that changes to the upside could indicate confidence in Bitcoin’s rally. The number of addresses holding between 100 to 1,000 Bitcoin has increased slightly, while those holding between 1,000 to 100,000 Bitcoin have remained steady.
Santiment has also noted that Bitcoin has reached a six-month high, surprising bearish trader sentiment. The cryptocurrency’s price has jumped above $24,200 for the first time since August 14th, 2022. As a result, it is vital to watch for whale addresses increasing, which could indicate increased confidence from key stakeholders.
It is worth noting that Bitcoin’s price is highly volatile and can change rapidly. The cryptocurrency market can be unpredictable, making it challenging to forecast its future performance. Nevertheless, transactions like the ones reported by Whale Alert and other blockchain trackers show that there is still considerable interest in Bitcoin and the cryptocurrency market as a whole.
These recenet whale transactions caught the attention of the cryptocurrency market. While the market has experienced a pullback, the number of BTC whale addresses has increased slightly, suggesting that some investors still have confidence in Bitcoin’s rally. However, as with any investment, it is essential to proceed with caution and do your research before making any significant transactions in the cryptocurrency market.