Bitcoin whales are moving their crypto assets in large amounts as a user moved nearly $300 million worth of BTC yesterday.
According to the latest data published by blockchain tracking and analytics firm, Whale Alert, a user transferred 5,193 BTC to an unknown wallet on 6 April. The transaction was executed at 21:23 UTC.
The world’s largest cryptocurrency saw a correction on Wednesday after BTC dropped nearly 4%. As of writing, Bitcoin is trading near $56,000 with a market cap of $1.04 trillion. BTC’s $1 trillion market cap has performed well for the digital currency as Bitcoin’s network activity jumped significantly above the $1 trillion market cap.
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The latest data from Glassnode indicates that over 1.98 million Bitcoin have been transacted above the $1 trillion market cap. Bitcoin whales play an important role in BTC’s price action as the movement of large amounts creates a supply shortage. Coinbase, one of the largest cryptocurrency exchanges in the world, recently saw massive BTC outflows.
In addition to the latest movement of 5,193 BTC, a crypto whale moved 3,357 BTC worth more than $196 million on 6 April. The transaction was executed at 19:07 UTC.
Institutional Adoption of Bitcoin
Bitcoin’s institutional adoption is surging since the start of 2021. The world’s largest cryptocurrency saw its best Q1 performance in 2021 for the first time since 2013. Grayscale, MicroStrategy, Tesla, Square and Meitu have accumulated digital currency in large amounts over the last few months. MicroStrategy announced earlier this week that the company has purchased an additional $15 million worth of Bitcoin. The business intelligence firm now has more than 91,000 BTC.
Commenting on the institutional adoption of Bitcoin during an interview with CNBC, David Solomon, CEO of Goldman Sachs, said: “There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like Bitcoin. As our clients have demand to be involved in this space, we can continue to find ways to support our clients.”