BTC has lost approximately 10% of its value in the last 7 days
Bitcoin, the most valuable cryptocurrency in the world, is currently trading close to $ 53,000, with a market capitalization of approximately $ 990 billion. Bitcoin whales are moving the digital currency in large quantities amid price volatility.
According to the latest data published by Whale Alert, a blockchain tracking and analysis company, an anonymous cryptocurrency user handled 12,000 BTCs worth more than $ 620 million. The transaction was executed on March 25 at 20:58 UTC.
The last transfer was registered at blockchair.com. Whale Alert reported an increase in cryptocurrency transactions. Finance Magnates previously reported on massive Bitcoin flows from the exchange Coinbase.
More than $ 1 billion in Bitcoin has left Coinbase in the past few days. BTC’s liquid supply on major cryptocurrency exchanges is plummeting.
“It is amazing how the supply of Bitcoin continues to dry, despite the recent price volatility. The fundamental dynamic looks different this time compared to previous cycles. ” Jan & Yann, co-founders of cryptocurrency analysis provider Glassnode, mentioned on Twitter.
BTC whales are not selling its digital assets, as only 36% of Bitcoin’s stock has changed hands in the last 6 months.
In addition to the latest Bitcoin transfer, Whale Alert reported on a huge Ethereum transaction. An unidentified ETH user moved 197,656 Ethereum to an unknown encrypted wallet.
The total amount of the transaction was approximately US $ 317 million at the time of the transaction. In addition, the blockchain company reported a transfer of about 80 million USDC.
Unknown crypto transactions are having a direct impact on the price of digital currencies. The cryptocurrency market has had a volatile week, as Bitcoin has lost nearly 10% of its value in the past 7 days, and Ethereum has dropped nearly 12% this week.
Tether regained its position as the world’s third largest cryptocurrency after reaching a market capitalization of $ 40 billion. Binance Coin is the 4th largest digital currency in the world, with a market capitalization of around US $ 37 billion.
Source: Finance Magnates