Bitcoin saw a sharp decline in its price on Tuesday as the overall market cap of the world’s largest cryptocurrency dropped below $800 billion for the first time in nearly 4 weeks. BTC whales have also started moving the world’s most dominant digital asset from crypto wallets.
According to Whale Alert, a leading Blockchain tracking and Analytics platform, a prominent Bitcoin wallet transferred 2,000 BTC worth more than $86 million from Xapo to an unknown digital wallet on Monday 20 September at 19:22 UTC.
The latest BTC transfer came after Bitcoin’s price correction on Monday liquidated $220 million worth of long BTC trading positions. During the recent market correction, Bitcoin’s exchange inflow spiked significantly. BTC whale accounts moved the crypto asset from wallets to digital exchanges in large amounts.
“Bitcoin has fallen -12.7% the past three days as traders polarize. An increase in exchange inflow was picked up by our data during the course of the biggest portion of the drop that happened on Monday,” Santiment mentioned.
The trend highlighted by Santiment was evident across the Bitcoin network during the Asian trading session on Tuesday. A leading crypto whale account moved 600 BTC worth $25 million from an unknown wallet to crypto.com.
Bitcoin Mining
In addition to the recent price action of Bitcoin, the overall network activity, including its mining hash rate and revenues recovered quickly during the last week. “In a continued display of network resilience, the Bitcoin hash-rate has climbed again this week, reaching approximately 137 Exa hash on a 7-day MA basis. Given the total decline from the all-time-high represented around half the hash-power network, this 52% recovery means that less than a quarter of the peak network hash remains offline,” Glassnode highlighted in its latest weekly on-chain analysis report.
“Throughout 2020 and 2021, miners have demonstrated an increased trend of HODLing a larger proportion of mined coins than in previous market cycles,” the report added.
