Bitcoin Millionaire moves 14,000 BTC to an unknown wallet
Bitcoin whale transfers are on the rise, and the latest data from Whale Alert shows that billions of dollars worth of cryptocurrencies were moved in the past week. Among large transfers, the most notable transaction involved moving 14,000 BTC to an unknown digital wallet.
According to the details shared by Whale Alert, $319 million worth of Bitcoin was transferred on Thursday, July 21st at 13:57 UTC. The broadcast was recorded on Blockstream.info. Whale transfers accelerated over the weekend when a leading crypto address moved 3,374 Bitcoin from digital exchange Coinbase to an unknown wallet.
Large BTC addresses play an important role in the overall activity across the Bitcoin network. Data from Coinmarketcap.com indicates that the top 100 BTC addresses own more than 14% of the total supply.
However, the dominance of institutional BTC holders has waned a bit in recent months after Tesla dumped nearly 75% of its crypto holdings. Publicly traded companies worldwide now hold less than 200,000 BTC.
Shaky market conditions
Despite Bitcoin’s decent comeback this past week. The overall market situation remains nervous as BTC is trading down more than 65% from its all-time highs in November 2021. While the BTC network witnessed an increase in whale transfers, the average transaction volume, profitable supply and active addresses have decreased in the past month.
“The share of transfer volume in profit also has a market structure similar to previous low market levels. During the capitulation phases of 2015 and 2018, over 58% of carry volume was lost, and momentum had compressed after months of bearish price action. Currently, 54% of transmission volume is in loss (46% in profit), which is very close to 2015/18 extraction levels,” Glassnode highlighted in its analysis report on the chain.
Bitcoin whale transfers are on the rise, and the latest data from Whale Alert shows that billions of dollars worth of cryptocurrencies were moved in the past week. Among large transfers, the most notable transaction involved moving 14,000 BTC to an unknown digital wallet.
According to the details shared by Whale Alert, $319 million worth of Bitcoin was transferred on Thursday, July 21st at 13:57 UTC. The broadcast was recorded on Blockstream.info. Whale transfers accelerated over the weekend when a leading crypto address moved 3,374 Bitcoin from digital exchange Coinbase to an unknown wallet.
Large BTC addresses play an important role in the overall activity across the Bitcoin network. Data from Coinmarketcap.com indicates that the top 100 BTC addresses own more than 14% of the total supply.
However, the dominance of institutional BTC holders has waned a bit in recent months after Tesla dumped nearly 75% of its crypto holdings. Publicly traded companies worldwide now hold less than 200,000 BTC.
Shaky market conditions
Despite Bitcoin’s decent comeback this past week. The overall market situation remains nervous as BTC is trading down more than 65% from its all-time highs in November 2021. While the BTC network witnessed an increase in whale transfers, the average transaction volume, profitable supply and active addresses have decreased in the past month.
“The share of transfer volume in profit also has a market structure similar to previous low market levels. During the capitulation phases of 2015 and 2018, over 58% of carry volume was lost, and momentum had compressed after months of bearish price action. Currently, 54% of transmission volume is in loss (46% in profit), which is very close to 2015/18 extraction levels,” Glassnode highlighted in its analysis report on the chain.
