Whale Alert says an affluent crypto holder moved Bitcoin (BTC) worth $319,120,100 on Thursday, transferring the funds to an unknown wallet.
The address has received a total of 55,688 BTC since February and is currently holding 20,890 Bitcoin worth $482,863,640 at time of writing.
Another unknown whale also moved large amounts of Bitcoin to crypto exchange Coinbase in a series of transactions on Thursday:
- 8,274 BTC worth $188,416,540
- 8,258 BTC worth $188,056,968
- 8,446 BTC worth $192,338,634
- 8,466 BTC worth $194,720,579
- 8,387 BTC worth $192,912,268
- 8,310 BTC worth $192,102,946
- 8,507 BTC worth $198,929,515
- 8,477 BTC worth $196,409,366
Whale Alert says Coinbase also transferred 16,983 BTC on that same day.
? ? ? ? ? ? ? ? ? ? 16,983 #BTC (395,056,627 USD) transferred from #Coinbase to unknown wallethttps://t.co/1Y3TylQPGx
— Whale Alert (@whale_alert) July 21, 2022
CryptoQuant CEO Ki Young Ju shares his insights on the uptick in whale movements.
“When fear hits the BTC market, whales are active in exchanges for various reasons. The uptick in June this year seems to have borrowed BTC to fill up collaterals for long positions if you see its heavy flows between spot and derivative exchanges.”.
He says the increase in whale activities could be an indicator that the market has hit the bottom.
“I usually mentioned this as a cyclic bottom signal since it represents oversold. Not sure how this would go in this macro environment.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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