Bitcoin’s on-chain activity has increased significantly during the last few days due to massive volatility across the cryptocurrency market. BTC whales have started moving the world’s most valuable digital currency from exchanges and unknown wallets.
Whale Alert, a leading blockchain tracking and analytics firm, highlighted the transfer of 9,999 Bitcoin to an unknown wallet yesterday. The mentioned transfer was executed on Monday 24 May at 21:41 UTC. The total value of the latest Bitcoin transaction stands at around $390 million.
Bitcoin has seen massive volatility in the last 10 days. The cryptocurrency touched a low of approximately $31,000 on Sunday after the latest announcements by China and Tesla. As of writing, BTC is trading near $37,000 with a market cap of $700 billion.
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Finance Magnates earlier reported a surge in large Bitcoin transactions. A similar transaction involving 9,055 BTC was executed on 16 May. Despite the latest dip, BTC whale addresses have increased during the last 7 days.
“Bitcoin whale addresses (holding more than 1,000 BTC) have steadily been on the rise over the past week, and its price is showing it (+14.5% in 24h). 34 new addresses of this kind have emerged, making it the largest accumulation stretch in nearly 4 months,” crypto analytics firm Santiment mentioned on Twitter.
Large Bitcoin Transactions
Apart from the latest transfer, Whale Alert published a jump in large BTC transfers from leading digital exchanges. Nearly 3,500 Bitcoin worth more than $130 million were transferred from crypto exchange Binance to Xapo. In a separate transaction, a leading BTC whale address moved 1,864 Bitcoin from digital exchange Coinbase to an unknown crypto wallet. The Coinbase transfer was executed on Monday 24 May at 22:03 UTC. The total value of the crypto move stands at around $70 million.
According to the latest data published by Santiment, approximately 16,000 large Bitcoin addresses are currently holding more than 9 million coins. BTC’s crypto market dominance stands at around 44.3%, which is down nearly 2% in the last 24 hours.