Bitcoin whales are moving the world’s largest cryptocurrency in large amounts as an anonymous crypto user moved 2,292 BTC from crypto exchange, Coinbase to an unknown wallet. The total value of the transaction stands at around $101.8 million.
Whale Alert, a blockchain tracker and crypto analytics company, reported a large Bitcoin transaction today involving 2,292 BTC. The crypto whales are transferring Bitcoin from leading crypto exchanges to wallets in an effort to create a supply shortage.
Additionally, the company reported another transaction a few hours ago which involved the movement of 1,407 Bitcoin worth nearly $63 million from crypto exchange, Binance to digital wallet, Xapo.
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Finance Magnates earlier reported about Bitcoin’s supply crisis as BTC supply at leading crypto exchanges reached its lowest level since February 2018. BTC whales have accelerated withdrawals from digital exchanges.
The rising institutional demand for Bitcoin has played a major role in the recent movements and supply crisis as major financial firms are accumulating BTC in large amounts. Grayscale, the world’s largest crypto asset manager, purchased 202 BTC worth more than $9 million in the last 24 hours as the company’s BTC assets under management crossed the value of $29 billion. Grayscale has a total of 650,190 Bitcoin under management.
Anonymous Crypto Transactions
Unidentified cryptocurrency transactions are on the rise since the start of 2021. Finance Magnates reported about several crypto transfers involving Bitcoin, Ethereum and Tether. Ethereum-related unknown crypto transactions have accelerated in the last few weeks. Whale Alert reported a transaction earlier today involving the movement of 38,714 ETH worth more than $67 million to an unknown wallet. Ethereum’s significant price jump played a major role in the recent movements as the price of ETH jumped from $750 to above $1,800 within the first 6 weeks of 2021. Grayscale accumulated 21,936 ETH in the last 24 hours. The crypto asset manager now has 3.07 million Ethereum under management with a total value of more than $5.3 billion. The company has $35 billion worth of digital assets under management.