$566,900,000 in Bitcoin (BTC) on the Move As Report Suggests Coordinated Whale Action Behind Crypto Market Crash

A flurry of Bitcoin whale activity is underway as the price of BTC climbs back above $5,200.

In the last 24 hours, some of Bitcoin’s biggest investors have moved a total of 107,209 BTC worth $566.9 million at time of writing.

The largest single transaction sent 47,846 BTC worth $252.2 million between two wallets of unknown origin.

According to Whale Alert, six of the 14 largest whale transactions sent in the last day involved BTC being sent from unknown wallets to crypto exchanges, where it could potentially be sold on the open market.

Two of the transactions sent crypto from exchanges to unknown wallets.

Here’s a look at all of the major whale transactions that hit the ledger in the last 24 hours.

• 1,318 BTC worth $7.2 million transferred from unknown wallet to OKEx
• 6,121 BTC worth $33.3 million transferred from unknown wallet to OKEx
• 2,276 BTC worth $12.4 million transferred from OKEx to unknown wallet
• 2,000 BTC worth $10.8 million transferred from OKEx to Binance
• 1,000 BTC worth $5.3 million transferred from unknown wallet to Binance
• 1,770 BTC worth $9.6 million transferred from Bitfinex to unknown wallet
• 2,894 BTC worth $15.4 million transferred from Huobi to Bitfinex
• 2,350 BTC worth $12.5 million transferred from unknown wallet to OKEx
• 1,234 BTC worth $6.5 million transferred from unknown wallet to Bitfinex
• 3,300 BTC worth $17.3 million transferred from BitMEX to Binance
• 2,200 BTC worth $11.3 million transferred from unknown wallet to Bitfinex
• 10,000 BTC worth $52.6 million transferred from unknown wallet to unknown wallet
• 22,900 BTC worth $120.5 million transferred from unknown wallet to unknown wallet
• 47,846 BTC worth $252.2 million transferred from unknown wallet to unknown wallet

New data from blockchain analysis firm CryptoQuant suggests that whales were gearing up to sell huge amounts of Bitcoin well before the market’s major crash that began in earnest on March 12th.

The numbers show the amount of Bitcoin being deposited on crypto exchanges began ramping up on March 8th. The move suggests a coordinated effort to sell BTC was already brewing, according to CoinDesk analyst Omkar Godbole.

Bitcoin is up .02% at $5,204 at time of publishing, according to CoinMarketCap.

Featured Image: Shutterstock/vladsilver