Bitcoin whale transfers are spiking and the latest data from Whale Alert shows that billions of dollars worth of crypto coins were moved during the past week. Among large transfers, the most notable transaction involved the movement of 14,000 BTC to an unknown digital wallet.
According to the details shared by Whale Alert, $319 million worth of Bitcoin was transferred on Thursday 21 July at 13:57 UTC. The transfer was recorded on Blockstream.info. Whale transfers accelerated over the weekend as a leading crypto address moved 3,374 Bitcoin from digital exchange Coinbase to an unknown wallet.
Large BTC addresses play an important role in the overall activity across the Bitcoin network. Data from Coinmarketcap.com indicates that the top 100 BTC addresses own more than 14% of the total supply.
However, the dominance of institutional BTC holders has decreased a little in the past few months after Tesla dumped almost 75% of its crypto holdings. Public-listed companies around the world now hold less than 200,000 BTC.
Jittery Market Conditions
Despite Bitcoin’s decent comeback in the last week. The overall market situation is still jittery as BTC is trading down by more than 65% from its all-time highs in November 2021. While the BTC network witnessed a rise in whale transfers, the average transaction volume, profitable supply, and active addresses have decreased in the last month.
“The proportion of transfer volume in profit also has a market structure similar to previous bear market lows. During the 2015 and 2018 capitulation phases, over 58% of transfer volume was realizing a loss, and momentum had compressed after months of bearish price action. At the moment, 54% of the transfer volume is in loss (46% in profit), which is very close to 2015/18 recovery levels,” Glassnode highlighted in its on-chain analysis report.
