Bitcoin whales are on the move again as an anonymous user transferred 7,073 BTC to an unknown wallet on 27 February. The move came after Bitcoin crashed from $58,000 to as low as $44,000 in the last few days.

According to the blockchain tracker and crypto analytics platform Whale Alert, the total value of the transaction stood at around $337 million. The mentioned transfer was recorded on blockchair.com and the user paid a total of 0.00011920 BTC ($5.65) in transaction fees.

Anonymous Bitcoin transfers are rising at a rapid pace along with the volatility of the world’s largest crypto asset. BTC is now down nearly 20% over the last few days as the digital currency dropped to as low as $43,240 over the weekend. The price has recovered marginally since then as Bitcoin is now trading at around $47,200 with a total market cap of more than $880 billion.

Additionally, Whale Alert reported two significant Bitcoin transactions on Saturday involving 4,509 BTC. Two anonymous users moved 2,379 BTC and 2,130 BTC respectively from crypto exchange Coinbase to unknown cryptocurrency wallets.

Bitcoin Outflows

According to the data compiled by Bloqport, the Bitcoin supply on leading crypto exchanges is dropping sharply. More than 25,000 Bitcoin worth over $1 billion has left Coinbase in the last week. Moreover, Bitfinex reported significant BTC outflows during the same period. Finance Magnates earlier reported about the supply issues Bitcoin is currently going through as BTC supply at leading exchanges has reached its lowest level in nearly 3 years. Furthermore, JP Morgan highlighted the liquidity crisis in BTC recently and mentioned that even a small move can have a large impact on the price of BTC.

The crypto whales are moving Bitcoin and other digital assets from exchanges to cold storage or wallets to create a supply shortage. Despite the recent crash in cryptocurrencies, institutional and retail demand for BTC and other digital assets has surged.