Bitcoin price is currently going through one of its worst phases. While selling pressure has pushed the price of the crypto asset to its lowest level in more than 12 months, BTC millionaires have started moving the digital currency in large amounts.
On-chain analytics platform, Whale Alert highlighted the movement of 2,457 Bitcoin worth more than $70 million on 20 May at 16:49 UTC from Coinbase to an unknown wallet. With that, the BTC balance on Coinbase took a major hit.
Coinbase has been struggling to maintain its Bitcoin balance in the past few months. In total, the BTC balance on the digital exchange has dipped by more than 36% in the past two years. In a separate move executed on Friday at 7:11 UTC, a leading crypto wallet transferred 1,657 Bitcoin worth over $50 million from Coinbase to an unknown wallet.
According to the latest data published by Glassnode, net BTC exchange outflows reached $69.4 million yesterday.
Bitcoin Network
The on-chain activity across the Bitcoin network presented a mixed picture during the past week. While the BTC Mean Block Size touched an all-time high of 1,416,656 yesterday, BTC Median Transaction Volume (change-adjusted) reached $339, which is its lowest level since 21 June 2020.
“Overall BTC Transaction Volume (7d MA) just reached a 4-month low of 143,405.188 BTC. A previous 4-month low of 145,015.181 BTC was observed on 24 March 2022,” Glassnode highlighted.
“Bitcoin is back in the $28k's again after its positive momentum on Wednesday and Thursday was halted by another slide by equities. Bulls will ideally want to see that exchange funding rates are heading into the short territory to indicate FUD,” Santiment noted.
Bitcoin’s current market cap stands at around $560 billion, compared to an all-time high of more than $1.1 trillion in November 2021. The crypto asset is down by almost 2% in the last 24 hours.
