Bitcoin Owner Moves 5,000 BTC from Binance to Xapo

Large BTC transactions are surging since the start of 2021.

Bitcoin, the world’s largest cryptocurrency, gained nearly 6% in the last 24 hours and registered a high of $59,320 on 18 March. Bitcoin whales are moving the digital asset in large amounts as a BTC user moved 5,000 coins from crypto exchange Binance to digital wallet Xapo.

According to the data published by blockchain tracking and analytics platform, Whale Alert, the total value of the transaction stands at around $280 million. The transfer was executed on March 17 at 4:31 UTC. The mentioned transaction was recorded on blockchair.com.

Bitcoin recorded an all-time high of $61,500 on 14 March driven by a surge in retail and institutional demand. The digital currency is now up more than 100% since the start of 2021. BTC touched a low of $3,800 in March 2020.

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The institutional accumulation of Bitcoin has increased significantly in the last few months. Meitu, a Chinese technology firm, announced today that it has expanded its cryptocurrency portfolio with the purchase of $50 million worth of Bitcoin and Ethereum. The trading of the world’s largest digital currency is booming in Asia as the total daily trading volume of BTC and other cryptocurrency assets crossed South Korea’s stock market earlier this week.

Anonymous Bitcoin Transactions

With the surge of BTC prices, unknown Bitcoin transactions have also increased. Due to the current liquidity crisis of Bitcoin, anonymous whales are moving the market through large transfers. MicroStrategy, the world’s largest business intelligence firm, purchased nearly $1 billion worth of Bitcoin in February. The company now holds more than 90,000 BTC. The latest transfer from Binance to Xapo has increased the supply crisis of BTC at leading digital exchanges.

In a separate transaction, an unknown user moved 6,425 BTC worth more than $370 million on 17 March to an anonymous crypto wallet. “Despite recent volatility, Bitcoin supply is still drying up at astonishing rates,” crypto analytics firm, Glassnode mentioned in a tweet on 16 March. BTC currently has a market cap of $1.08 trillion.

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