Bitcoin Wallets Move 7,062 BTC from Coinbase

BTC dropped below $35,000 on Monday.

Bitcoin whale addresses moved more than 7,000 BTC recently in two separate transactions from Coinbase to crypto wallets. The total value of the transactions currently stands at around $235 million.

Crypto analytics and blockchain tracking platform Whale Alert highlighted a transfer of 3,574 Bitcoin from crypto exchange Coinbase to a digital wallet on Thursday 1 July 2021. In a separate transaction, a crypto whale account moved 3,488 BTC from Coinbase to an unknown digital wallet on the same day.

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Last week, the Bitcoin network saw a surge in BTC whale transactions amid price volatility. A leading Bitcoin account moved 6,713 coins from a crypto wallet to Xapo on 29 June 2021. The total value of the transfer stood at nearly $230 million.

In addition to the latest increase in large transactions, Bitcoin whales have accelerated their BTC accumulation. According to the latest data posted by on-chain analysis firm, Santiment, large Bitcoin addresses started July with the accumulation of nearly 60,000 BTC.

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“Bitcoin whale addresses holding between 100 to 10k BTC kicked off July with a 60k BTC accumulation, the highest daily spike of 2021. These addresses hold 9.12 million coins combined after holding 100k less BTC just 6 weeks ago,” Santiment mentioned.

The latest BTC whale transfers came after the Bitcoin exchange supply ratio dropped significantly in the last few weeks.

Bitcoin Price Action

The world’s largest cryptocurrency dropped below $35,000 on Monday during the Asian session. BTC is currently trading near $34,000 with a market cap of more than $640 billion. Contrasting to Bitcoin’s latest price action, ETH gained substantial value in the last 7 days. According to the data published by Coinmarketcap, Ethereum remained the best performing cryptocurrency among the top 5 as ETH gained nearly 15% within the last week.

“On a celebratory 4th of July, Bitcoin is back at $35k, Ethereum is back above $2,350, and altcoins such as COMP, GRT and SNX have had great 24-hour rebounds as markets continue to show signs of heating up again,” Santiment added.

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