Bitcoin Owner Moves 9,500 BTC to an Unknown Wallet

The overall activity of Bitcoin (BTC) whale accounts has increased rapidly since the start of this week amid a substantial jump in the price of BTC. The world’s largest digital currency jumped above $40,000 on Monday for the first time in six weeks.

Whale Alert, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tracking and Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term firm, highlighted a significant Bitcoin transaction involving 9,500 BTC today. According to the latest data published by the company, a prominent BTC whale account moved $353 million worth of cryptocurrency to an unknown crypto wallet on Tuesday 27 July at 00:48 UTC.

Earlier this month, Whale Alert highlighted the movement of 3,129 Bitcoin worth over $100 million from the cryptocurrency exchange, Binance to the digital wallet, Xapo. The mentioned transaction was executed on 12 July 2021 at 22:32 UTC.

According to the recent data posted by Coinmarketcap, BTC touched $40,499 yesterday after reports of Amazon’s tentative crypto plan. However, in an official statement today, Amazon denied reports about Bitcoin acceptance.

Despite Amazon’s official statement, the world’s largest cryptocurrency stayed above $37,000. Currently, Bitcoin is trading near $37,700 with a market cap of over $705 billion.

On-Chain Activity of Bitcoin

Despite the latest jump in the price of Bitcoin, the overall network activity remained quiet in the last few days. “In contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remain extremely quiet. On a 14-day Median basis, the entity-adjusted transaction volume for Bitcoin remains depressed at around $5B per day. This remains a significant decline from the $16B/day prior to the May Sell-off,” Glassnode mentioned in its latest weekly on-chain analysis report.

“However, the volume has not yet collapsed to the same extent as the 2017 blow-off top, where network volume saw a full retrace, a subsequent bear market, and eventually, a lengthy capitulation. It remains to be seen whether on-chain volumes start to pick up in response to recent volatile price-action,” Glassnode added.