Leading Bitcoin wallets have accelerated the transfer of BTC from prominent digital exchanges despite the latest dip in its price. According to the latest data posted by crypto Analytics and Blockchain tracking firm, Whale Alert, a well-known Bitcoin wallet recently transferred 3,129 BTC from the cryptocurrency exchange, Binance to the digital wallet, Xapo.
The total value of the mentioned transaction stood at around $103 million. The transfer was recorded on Monday 12 July at 22:32 UTC. The latest Bitcoin transaction came after the BTC network saw a sharp decline in the overall activity.
Since June 2021, the Bitcoin exchange supply ratio decreased significantly as leading BTC accounts moved their crypto assets from exchanges to digital wallets. According to the latest data published by Santiment, the Bitcoin exchange supply ratio reached its lowest level in six months in the first week of July 2021.
In addition to the latest transaction of 3,129 BTC from Binance, a transfer of 1,000 Bitcoin was also highlighted by Whale Alert on Tuesday 13 July at 14:05 UTC. In the mentioned transaction, a BTC whale account moved $32 million worth of Bitcoin from crypto exchange Coinbase to a digital wallet.
Bitcoin Mining
The BTC mining industry is currently going through the largest migration in its history amid a crackdown by the Chinese authorities. As a result, the overall network hash rate of Bitcoin and mining revenues decreased sharply in June 2021. However, the Bitcoin mining industry is showing some signs of recovery as Bitcoin Miner Net Position Change (BMNPC) metric has returned to accumulation for the first time since 15 June 2021.
“We previously noted that miners who remained operational at this time would experience a dramatic boost in profitability, minimizing the compulsory sell-pressure. To support this thesis, the Miner Net Position Change metric has returned to accumulation. This indicates that what sell-side pressure is coming from offline miners, is more than offset by accumulation by the operational miners,” Glassnode mentioned in its weekly on-chain analysis report.
