Crypto Whales Move Massive Amounts of Bitcoin (BTC) Amid Market Mayhem

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Crypto whales are moving huge amounts of Bitcoin as the leading cryptocurrency’s trademark volatility returns.

In the last 24 hours, as Bitcoin shot from a high of $9,804 to a low of $8,370, some of the biggest Bitcoin holders in existence began moving BTC at a rapid rate.

In all, whales have moved 37,225 BTC worth about $325.5 million in the last day.

The largest single transfer sent 10,000 BTC worth $86.8 million between two wallets of unknown origin.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 10,000 #BTC (86,898,180 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/XXwfp4uRlT

— Whale Alert (@whale_alert) September 24, 2019

The transfer could have been a trader moving assets from one wallet to another for security purposes, an exchange moving its assets around or an over-the-counter (OTC) sale between two private parties.

Here’s an overview of the biggest Bitcoin transactions in the last day.

Tuesday’s sell-off liquidated more than $700 million in longs on the crypto derivatives exchange BitMEX, according to the crypto data tracker Skew.

Despite the liquidations, Skew says the number of open contracts remains remarkably high as traders take new positions.

“Given the $700 million+ of sell liquidations and counting, open interest has been remarkably resilient – down only $200 million. Some traders are still able to take the other side.”