In the past few weeks, there has been a significant transfer of Bitcoin by whale investors.
According to Chain, a large BTC transfer occurred about 1 hour ago. An unknown whale transferred 809 BTC worth $45.18 million to the top cryptocurrency exchange, Binance.
This move indicates a sell-off, which could add additional pressure to the market.
The same wallet (3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN) had deposited 7,790 BTC into Binance since June 27 (11 days ago). At the time of writing this article, these tokens are valued at $468 million. Currently, the address holds 6,559 BTC worth $379 million.
Read more:
The German government transfers Bitcoin to a trading company
Furthermore, 10,845 BTC, amounting to approximately $617 million, were sent between two unidentified addresses, according to data from WhaleAlert.
While it is good to observe increased whale activity in the Bitcoin blockchain, similar transfers to cryptocurrency exchanges and brokers spread fear among smaller investors, sometimes leading to panic selling.
Evidence of this is Germany’s recent efforts to sell its BTC reserves. Initially holding $2.7 billion, it may not seem like a significant amount, but it has evidently caused significant volatility for the leading cryptocurrency.
At the time of writing this article, Bitcoin is trading at a price of $57,153, with an 8.8% decrease in price on the weekly chart and a 24-hour trading volume of over $32.4 billion.
