Whale Alert says a wealthy cryptocurrency holder moved $ 319,120,100 worth of Bitcoin (BTC) on Thursday, transferring the funds to an unknown wallet.
The address has received a total of 55,688 BTC since February and currently holds 20,890 Bitcoins worth $ 482,863,640 at the time of writing.
On Thursday, another unknown whale also moved large amounts of Bitcoin into the cryptocurrency exchange Coinbase in a series of transactions:
- 8,274 BTC for a value of $ 188,416,540
- 8,258 BTC for a value of $ 188,056,968
- 8,446 BTC for a value of $ 192,338,634
- 8,466 BTC worth $ 194,720,579
- 8,387 BTC worth $ 192,912,268
- 8,310 BTC for a value of $ 192,102,946
- 8,507 BTC for a value of $ 198,929,515
- 8,477 BTC worth $ 196,409,366
Whale Alert says Coinbase also transferred 16,983 BTC on the same day.
? ? ? ? ? ? ? ? ? ? 16,983 #BTC (395,056,627 USD) transferred from #Coinbase to unknown wallethttps://t.co/1Y3TylQPGx
– Whale alert (@whale_alert) July 21, 2022
CryptoQuant CEO Ki Young Ju shares his insights into the increase in whale movements.
“When fear hits the BTC market, whales are active in trading for various reasons. This year’s June hike appears to have borrowed BTC to fill collateral for long positions if you see its heavy flows between spot and derivative trades. “
He says the increase in whale activity could be an indicator that the market has bottomed out.
“I used to mention it as a cyclical background signal as it represents oversold. I’m not sure how it would turn out in this macro environment. “
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Disclaimer: The views expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALL-E
