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Bitcoin [BTC] Whale Alert: BTC worth over $38 million moved in two transactions




Bitcoin [BTC] Whale Alert: BTCs worth over $38 million moved on the back of two transactions
Source: Pixabay

Bitcoin turned to the bulls once again on early May 19, exhibiting a rapid 7 percent hourly price gain, stoking the attention of several parties. One among them was the observant whales, which moved 5,000 BTCs in two separate transactions.

As reported by WhaleAlert, an online cryptocurrency-transaction tracker, a transaction of 3,000 BTC first, calculated at $23.68 million was the first movement. The transaction, as per the data aggregation website, occurred at 06:58:55 UTC on May 19.

The first transaction was between the addresses 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B and 3LAT8J4ywCXSceAJuncaztoL3FH1tNtqEx. The hash of the transaction in question was b31df7d81f774bf2f9623c96ab9cebddc8a76844.

Minutes later, alarms rung once again with 2,000 Bitcoins worth over $15.78 million transferred from an unknown wallet to the controversy-riddled exchange, Bitfinex. According to Whale Alert, the same sender i.e. 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B, like the above, was involved in this transaction as well.

According to, the total input was $39.76 million, while the BTC transacted, based on the second transaction which involved Bitfinex was around $15.19 million. The tree chart from the same can be seen below:

This movement comes at an opportunistic time for large profit-grabbers in the Bitcoin market, as May’s bullish swing turned their fortunes. In a chart by ProofofResearch, the Bitcoin whales capitalized on the massive 30 percent price incline of the top cryptocurrency since the beginning of the month.

However, the researcher added that the whales have since “exited” the market with their large profits.

Following last week’s pullback, the price of the top cryptocurrency has sparked once again, rising by mammoth proportions, albeit for a short stint, surging past $7,800 and then the $7,900 mark, and, at press time, Bitcoin was on the verge of breaking $8,000 for the second time in a week.

Bitcoin dropped below $8,000 and continued falling, but hovered about $7,000 following the pull-back, which many speculated was due to market correction, the post-Consensus bears and a significant transaction on Bitstamp. The Japanese cryptocurrency exchange, Bitstamp saw a 5,000 BTC sell order priced at $6,200, which, according to some, contributed to the pullback.

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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.


Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000

Akash Anand



Bitcoin's on-chain/off-chain valuation indicators they key point of focus as crypto heads towards $13,000
Source: Pixabay

With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.

The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.

Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”

At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,

“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”

The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.

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