Bitcoin Whale Transfers 4,000 BTC from Gemini to Coinbase

Amid growing prices, large Bitcoin transactions have started picking up in the past 48 hours. Whale Alert, a well-known blockchain tracking and analytics platform, recently highlighted a Bitcoin transfer worth nearly $190 million.

According to Whale Alert, a crypto address moved 4,000 Bitcoin from digital exchange Gemini to Coinbase on 29 March at around 17:09 UTC. The recent transfer is one of the biggest BTC whale movements in the past 48 hours.

BTC transactions with a value of at least $100,000 have surged substantially in the last few days. Yesterday, over 3,000 such transfers were executed within the time period of 4 hours.

“Bitcoin whales have been active recently. The 3,266 $100k+ transactions between 2 pm and 6 pm UTC were the most in a 4-hour interval since March 1st. Market prices peaked at just above $48.0k 8 hours ago, and they've now come down just slightly to $47.3k,” Santiment noted in a recent update.

Bitcoin smashed the $48,000 price level on Tuesday for the first time since 1 January 2022. Amid a spike in its price, liquidations across the crypto market have increased.

Dormant Bitcoin Wallet

Yesterday, Whale Alert highlighted the activation of a dormant Bitcoin account after more than 7 years. “A dormant BTC address containing 1,000 coins (47,546,005 USD) has just been activated after 7.7 years (worth 583,859 USD in 2014),” the company added.

Recently, Finance Magnates highlighted a sharp surge in old BTC supply as the percentage reached 63%, an increase of more than 9% in the past 8 months. Long-term BTC holders have stopped selling their digital assets in the last 12 months. “The proportion of coin supply aged 1yr+ is rapidly approaching all-time-highs, as coins accumulated in Q1 of the 2021 bull market remain unspent in investor wallets,” Glassnode mentioned in its report.