Bitcoin Whale Abruptly Moves $670,000,000 in BTC – This Is Where It’s Headed

Bitcoin (BTC) whales are staying active as the crypto market recovers from a two-month summer downturn.

In just a single transaction, one Bitcoin whale has moved 15,000 BTC, currently worth over $674,000,000 at time of writing.

The transaction was picked up by the blockchain tracker and analytics tool Whale Alert early Wednesday morning.

? ? ? ? ? ? ? ? ? ? 15,000 #BTC (685,311,095 USD) transferred from #Binance to #Xapohttps://t.co/I5Zm5w3K7E

— Whale Alert (@whale_alert) August 11, 2021

According to the data, the Bitcoin sum was moved off the major crypto exchange Binance into a wallet at crypto custody company Xapo, whose institutional custody business was bought out by Coinbase in August of 2019.

Blockchain analytics firm Santiment has been keeping up with Bitcoin movements on and off crypto exchanges. The firm’s latest exchange update indicates that the level of BTC held on exchanges has fallen to a 26-month low, painting a potentially bullish picture for Bitcoin holders.

“The ratio of BTC on exchanges has now fallen to its lowest point since June, 2019. This 26-month low should be viewed as a bode of confidence for holders of Bitcoin, as large exchange selloffs are less common when less supply is at risk on exchanges.”

Here’s a list of the aforementioned and other large BTC movements in the past 24 hours:

• 1,443 BTC worth $63.6 million transferred from Coinbase to unknown wallet
• 3,001 BTC worth $133.4 million transferred from Coinbase to unknown wallet
• 1,797 BTC worth $79.1 million transferred from unknown wallet to Coinbase
• 500 BTC worth $22 million transferred from unknown wallet to Bitstamp
• 3,700 BTC worth $162.8 million transferred from unknown wallet to Coinbase
• 518 BTC worth $22.9 million transferred from unknown wallet to Xapo
• 1,000 BTC worth $44.4 million transferred from unknown wallet to Coinbase
• 689 BTC worth $30.6 million transferred from Coinbase to unknown wallet
• 1,000 BTC worth $45.3 million transferred from Coinbase to unknown wallet
• 1,926 BTC worth $89 million transferred from Coinbase to unknown wallet
• 3,750 BTC worth $171.3 million transferred from unknown wallet to Coinbase
• 1,751 BTC worth $80.2 million transferred from Coinbase to unknown wallet
• 2,000 BTC worth $93.2 million transferred from unknown wallet to Coinbase

 

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Featured Image: Shutterstock/David Evison