With Bitcoin whales on the move, this metric hits historic highs
Bitcoin’s price has been slowly marching towards recovery, as it continued to trade at $49,199, at press time. As the buyers rallied together, the market capitalization of the largest digital asset also hit $918.56 billion. Meanwhile, the remaining alts were also trending upwards.
These developments have garnered a lot of attention from Bitcoin traders and whales, more so from whales.
According to the Whale Alert tweets, large sums of Bitcoin have been flowing between anonymous wallets, along with exchanges. On Saturday alone, over $2 billion worth of Bitcoin was moved between two anonymous whales within an hour. Following this giant transfer, another billion was transferred, hitting the total worth of transactions to over $3 billion.
In addition to this, two transactions worth 42,970 Bitcoins were made earlier today, which amounts to over $2 billion, given the current value of BTC. Following this, another transaction carrying 21,485 BTC was also made, taking the total transferred BTC to 64,455.
These heavy transactions took place when BTC saw a noticeable pump from $47k, to a little over $49k. Although the value of the digital asset was now correcting, the market momentum has definitely gotten behind the recovering price.
Moreover, with the BTC exchange inflows nearly hitting a two-year high, it was all the more evident. On 27th August, data provider Santiment noted,
“Bitcoin just made history with its largest day of exchange inflow since June 19, 2019. These days are now tied for the largest inflow day of all-time, both with 1.68M $BTC flowing to exchanges on these respective days. Expect increased volatility.”
With Bitcoin inflows hitting above 1.68 million BTC in a single day, the increased whale activity was not surprising. Although the market is currently noting a positive sentiment, “extreme greed” is prevalent and volatility is quite high. Ergo, traders may want to practice caution.