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Home Markets Cryptos

Unknown entity moves $642 million worth of Bitcoin

Olumide Adesina by Olumide Adesina
March 6, 2021
in Cryptos
Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000
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Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.

This is triggered by the relatively strong bullish momentum in the BTC market.

A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.

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Whale alert! ? Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK

— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021

 

Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.

“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”

This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.

Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.

Related

Tags: BitcoincryptoFTXGlassnode

Comments 1

  1. Aitc exchange. says:
    September 18, 2021 at 10:59 am

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