A deep-pocketed Bitcoin (BTC) holder is suddenly moving more than $135 million worth of the flagship crypto asset amid a pullback in the market.
According to blockchain tracker Whale Alert, an unknown wallet transferred 5,500 Bitcoin to another unknown wallet.
At the time of the transfer, Bitcoin was trading at around $24,700, translating to the Bitcoin moved being worth approximately $135.95 million.
Multiple addresses were used to carry out the transaction at a combined fee of approximately $15.61, per blockchain explorer Blockchain.com.
Bitcoin is trading at $23,820 at time of writing, having retraced by around 6% from a 2023 high of $25,250 reached earlier this week.
Whale Alert is also reporting other notable Bitcoin transactions, mostly from unknown wallets to major crypto exchanges.
Earlier this week, blockchain analytics platform Santiment told its followers to keep a close watch on the number of BTC whale addresses as changes to the upside could indicate confidence in Bitcoin’s rally.
Santiment also noted that the number of addresses holding between 100 to 1,000 Bitcoin had already increased slightly while those holding between 1,000 to 100,000 Bitcoin had stayed flat.
“Bitcoin has launched to a six-month high, surprising the bearish trader sentiment. With prices jumping above $24,200 for the first time since August 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence.”
Generated Image: Midjourney