An old Bitcoin address has moved $2 million worth of BTC on 7 April after 12 years, Whale Alert confirmed today. According to the details highlighted by the on-chain analytics platform, the transfer was executed on Thursday at 2:25 UTC.
The latest move came a few days after a prominent BTC address transferred 2,175 coins worth more than $100 million from digital exchange Binance to Xapo. Large crypto transfers have increased in tandem with BTC’s price surge. Despite a recent dip, Bitcoin held the price level of $40,000 and that accelerated its on-chain transfers.
However, Bitcoin’s illiquid supply has been rising for the last 7 months. The illiquid BTC supply has now reached its highest level since 2020. “BTC’s s illiquid supply has been increasing for the past 214 days. Surpassing the 2020 accumulation,” Glassnode highlighted.
Bitcoin network has achieved some key milestones in the past few days. Earlier this week, BTC’s circulating supply touched 19 million Bitcoin. More than 90% of the total Bitcoin supply has already been mined.
Dormant and Whale Crypto Moves
Along with dormant moves, BTC transfers with a value of at least $1 million have surged in the last few days. Today, a crypto whale address transferred more than 2,300 coins worth approximately $100 million from an unknown wallet to the crypto trading platform Coinbase.
“Crypto prices topped out yesterday due to whale transactions and overly bullish exchange funding rates, among several explanations. Stable coin whale transactions have increased mildly as crypto markets have dipped. Just as we see spikes in whale transactions near price tops for non-stable coins, USDT, USDC, BUSD, TUSD and DAI generally spike during the best buy opportunities,” Santiment noted.
The crypto market cap held the key level of $2 trillion on Thursday despite a dip of nearly 3% in Bitcoin.
