Bitcoin Millionaire Strikes 14,000 BTC to an Unknown Pockets

Whale Transfers of Bitcoin Over the course of the last week, cryptocurrency transactions totaling billions of {dollars} have been reported, according to Spiking Whale Alert data. A particularly notable transaction involved the transfer of 14,000 Bitcoin to an unidentified digital wallet. According to Whale Alert, this $319 million movement was recorded on Blockstream.information on Thursday, July 21st, at 13:57 UTC.

Over the weekend, whale transfers increased even further as 3,374 Bitcoin were transferred from the digital exchange Coinbase to an unidentified wallet by another crypto address. Large BTC addresses play a crucial role in the network’s overall activity. According to data compiled by Coinmarketcap.com, the top 100 Bitcoin addresses possess about 14% of the whole supply. Despite this, since Tesla sold off around 75% of its cryptocurrency holdings a few months ago, institutional BTC investors’ control has decreased. Less than 200,000 BTC are now held by publicly traded firms.

Although there has been a surge in Bitcoin prices over the last week, the market’s overall future remains uncertain because the cryptocurrency is currently down over 65% from its peak in November 2021. Whale transactions have increased on the Bitcoin network, yet in the preceding month, the average transaction volume, lucrative supply, and active addresses all fell.

“There is a comparable market structure to previous bear market lows in the proportion of transfer volume in profit as well. After months of negative price action, over 58% of transfer volume was losing money during the capitulation phases of 2015 and 2018. The pace has also slowed down. According to Glassnode’s on-chain research report, “At this time, 54% of the transfer volume is at a loss (46% in profit), which is very close to 2015/18 recovery levels.”