Bitcoin, the most valuable cryptocurrency in the world, is currently trading near $53,000 with a market cap of approximately $990 billion. Bitcoin whales are moving the digital currency in large amounts amid price volatility.
According to the latest data published by Whale Alert, a blockchain tracking and analytics firm, an anonymous cryptocurrency user moved 12,000 Bitcoin worth more than $620 million. The transaction was executed on 25 March at 20:58 UTC.
The latest transfer was recorded on blockchair.com. Whale Alert has reported a surge in unknown cryptocurrency transactions involving Bitcoin, Ethereum, XRP and other digital currencies. Finance Magnates earlier reported about massive Bitcoin outflows from the digital currency exchange Coinbase.
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More than $1 billion worth of Bitcoin has left Coinbase within the last few days. BTC’s liquid supply at leading cryptocurrency exchanges is plunging.
“Mind-blowing how Bitcoin supply just keeps drying up more despite recent price volatility. The fundamental dynamics seem different this time around compared to the last cycles,” Jan & Yann, Co-founders of crypto analytics provider, Glassnode mentioned on Twitter.
BTC whales are not selling their digital assets as only 36% of the Bitcoin supply has moved in the last 6 months.
Apart from the latest Bitcoin transfer, Whale Alert reported about a massive Ethereum transaction. An unidentified ETH user moved 197,656 Ethereum to an unknown crypto wallet. The total value of the transaction stood at around $317 million at the time of the transaction. Additionally, the blockchain firm reported a transfer of around 80 million USDC. Unknown crypto transactions are having a direct impact on the price of digital currencies. The cryptocurrency market has seen a volatile week as Bitcoin lost nearly 10% of its value in the last 7 days, and Ethereum is down nearly 12% this week. Tether has regained the position of the world’s 3rd largest cryptocurrency after reaching a market cap of $40 billion. Binance Coin is the 4rth largest digital currency in the world with a market cap of around $37 billion.