Over the past 10 hours, anonymous whales have exchanged over one billion U.S. dollars’ worth of Bitcoin, the world’s most popular cryptocurrency, according to data shared by prominent blockchain sleuth Whale Alert.
Summary
Bitcoin has experienced significant transactions, with anonymous whales exchanging over one billion U.S. dollar’s worth of Bitcoin, according to Whale Alert. The largest transactions were 7,300 BTC valued at $712,542,707 in fiat. The remaining transactions were 1,346 BTC, 1,407 BTC, and 2,834 BTC ($278,847,109). The transactions, which were conducted between anonymous cryptocurrency addresses, did not affect the current Bitcoin price.
Bitcoin Exchanges Hands for $1.26 Billion
The data source has identified four huge crypto transactions that collectively consist of 12,887 BTC. 7,300 Bitcoins valued at $712,542,707 in fiat were the largest of those transfers.
The remaining transactions consisted of 1,346 BTC, 1,407 BTC, and 2,834 BTC ($278,847,109). In total, these four blockchain transactions have transferred a staggering $1,260,727,232 in Bitcoin.
Whale Alert reports that each transaction was conducted between anonymous cryptocurrency addresses. The crypto community was confused and intrigued by the nature and destination of those substantial Bitcoin transfers. Some X users in the comments indicated that those were likely over-the-counter purchases of the world’s premier cryptocurrency.
If the transactions were indeed over-the-counter (OTC), they did not affect the current Bitcoin price, as purchasers have accumulated a small amount of BTC during the downturn.
Dormant Whale Transfers 14,000 BTC
A cryptocurrency behemoth that had been quiet for a period of seven to ten years, as reported by significant on-chain data aggregator CryptoQuant, transferred an extraordinary amount of crypto, specifically 14,000 Bitcoins valued at $1,372,628,460 in fiat. This amount is slightly higher than the Bitcoin amount previously mentioned.
According to an analyst at CryptoQuant, these Bitcoins were transferred to an alternative wallet rather than to any cryptocurrency exchange, whether centralized or decentralized. He continued to explain that this indicated that the BTC was not intended for immediate sale.
It is evident that these 14,000 Bitcoin are from the early days of cryptocurrency, when it was relatively inexpensive to purchase or mine BTC on a home laptop. In recent years, many inactive wallets have been reactivated, particularly since November, as the dominant cryptocurrency has achieved new all-time highs.
Old-time billionaires rushed to exchanges to secure their well-deserved profits after Bitcoin surged above the $108,000 all-time high a month after the U.S. presidential election.
Also Read: Bitcoin Falls Below $100,000 as Fear and Greed Index Signals Investor Concern
Bitcoin’s Fear and Greed Index is entering the Fear zone, indicating a pessimistic attitude among investors. The adoption rate of 44% indicates growing interest from new investors, accumulating at lower prices. Maintaining the $95,869 support level is crucial for BTC’s recovery, as a shift of $100,000 into support could potentially spark a breakout towards higher objectives. Despite numerous rejections, BTC has maintained support levels exceeding critical levels. New investors are exploiting the negative market as an opportunity to accumulate at reduced prices, while long-term holders are losing confidence. The current price of $97,293 suggests BTC’s capacity to sustain support at or above $95,869. However, Bitcoin may remain in a consolidation phase due to conflicting market signals. To invalidate the neutral-to-bearish outlook, a change in momentum is required, with a confirmed breach indicating a resurgence in investor confidence, pushing BTC toward higher price targets…[Read More]
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