Bitcoin Witnesses a Series of Extremely Large Whale Transactions

Bitcoin has witnessed significant transactions exceeding $2.3 billion, including a $1 billion withdrawal from Coinbase amidst market shifts.

Azcnews Breaking (1)

According to Whale Alert, notable movements in Bitcoin transactions have been observed. Over the past 24 hours, wallets identified as unknown have transferred a massive amount of Bitcoin, surpassing $2.3 billion. These transactions occurred within five significant transactions, indicating volatility and activity in the cryptocurrency market.

The smallest transaction among these five transferred 4,799 BTC. Another noteworthy transaction involved the transfer of 7,452 BTC. The remaining three transactions, each transferring over 8,100 Bitcoin, with the largest transaction reaching 8,734 BTC, valued at approximately $560.8 million.

An astonishing sum of approximately $1 billion worth of Bitcoin has been withdrawn from Coinbase. These withdrawals include two main transactions of 8,172 BTC and 8,136 BTC, marking a significant shift in asset allocation. Such withdrawals indicate large whales are showing signs of accumulation in cold wallets, signaling potential long-term price increases for Bitcoin.

Whale Bitcoin
Whale Bitcoin

Analyst Ali reports that within just one day, anonymous blockchain addresses have accumulated over 25,000 BTC. This amount, valued at approximately $1.6 billion, reflects the largest capital inflow into accumulating wallets in 2024 to date. This trend demonstrates increasing interest in accumulating Bitcoin amidst market fluctuations.

Additionally, CryptoQuant has provided additional on-chain data shedding light on the current market condition. The data reveals significant asset exchanges among long-term holders, especially from wallets aged between three to five years. Around 90,000 BTC have been transferred during this period, indicating a notable shift in long-term investment strategies.

Related: Bernstein Predicts Bitcoin Price to Reach $90,000 by Year-End

Further investigation reveals that wallets involved in these activities are transactional wallets rather than exchange cold wallets.

Bitcoin and other cryptocurrencies have seen capital outflows over the past two days due to macroeconomic factors. The upcoming halving and the movement of mining reserves also play a role in Bitcoin’s price decline.

This healthy correction could propel Bitcoin in the coming months, with the bullish camp aiming to sustain pressure.

3.6/5

(5 votes)
  1. Avatar of Xnyekshccu
    Xnyekshccu

    Ridoy

  2. Avatar of ABUBAKAR MUHAMMED
    ABUBAKAR MUHAMMED

    I like this project

  3. Avatar of Ramon Sanchez
    Ramon Sanchez

    Buenos dias como se registra una petsona en esta app. Responder

  4. Avatar of
    Anonymous

    Hi

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!