Bitcoin (BTC) millionaires have accelerated the movement of the world’s largest cryptocurrency to around the important price level of $40,000. Transfers are mainly focused on the movement of BTC from leading cryptocurrency exchanges to digital wallets.
Whale Alert, a well-known blockchain tracking and analytics platform, highlighted a transaction involving the transfer of 5,001 Bitcoin yesterday from the US-based cryptocurrency exchange Coinbase to a digital wallet. The total value of the transfer stands at around $202 million.
A similar transaction involving 5,000 Bitcoin was highlighted by Whale Alert on Monday 14 June at around 23:06 UTC. The user transferred nearly $200 million worth of cryptocurrency from Coinbase to a digital crypto wallet.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
“Bitcoin got up to a 3-week high of $40,800 a few hours ago, and the upward push appears to be aided by a healthy flow of funds being moved off exchanges today. When flow balance heads into the negative like it consistently did Monday, it’s a bullish sign,” on-chain analysis firm, Santiment mentioned on Twitter.
Despite the latest dip in the price of the world’s largest digital currency, Bitcoin millionaires accumulated BTC in large amounts. According to Santiment, 16,104 Bitcoin addresses are currently holding more than 9 million BTC.
Bitcoin’s $40,000 Price Level
Bitcoin registered an all-time high of approximately $64,000 on 14 April 2021. The price saw a correction of nearly 40% during the last few weeks but the latest optimism regarding the adoption of BTC and usage of clean energy in Bitcoin mining has pushed the price of the world’s largest cryptocurrency above the key level of $40,000. BTC whale activity, which is around the $40,000 price level, has increased significantly. A crypto user transferred 1,000 BTC from a digital wallet to the Binance exchange on 15 June at 3:05 UTC. The total value of the mentioned transaction stands at around $40 million.
Furthermore, the current market cap of Bitcoin is more than $750 billion. The digital currency has a crypto market dominance of approximately 44%.