BTC Address Sends 3,000 Coins to Xapo

With a dip of almost 16% in the past 7 days, BTC has struggled to gain any sort of momentum in the recent week. However, the price drop failed to impact Bitcoin whales as they continued to execute large transactions.

Yesterday, Whale Alert highlighted the movement of almost $115 million worth of BTC from a single address. A leading Bitcoin address sent 3,000 coins from an unknown wallet to Xapo. In a different transaction, a BTC whale moved 1,000 coins worth over $38 million from crypto exchange Gemini to Coinbase.

Historically, the movement of Bitcoin in large amounts from digital exchanges to crypto wallets has impacted the price of BTC positively. However, the recent movement of 3,000 coins came amid a price plunge of nearly 10% in BTC during the last 48 hours.

Last week, Finance Magnates reported about a surge in the BTC holdings of top Bitcoin addresses. Crypto addresses with at least 100,000 Bitcoin now own more than 664,000 coins.

Bitcoin Addresses with Non-Zero Balances

An important number that indicates the overall activity of the Bitcoin network is BTC addresses with non-zero balances. The metric dropped during the past 30 days as a result of the recent price dip. Glassnode’s latest weekly on-chain analysis report shows that almost 0.54% of the overall Bitcoin addresses were emptied in the last month.

“Whilst the macro trend in non-zero balance address creation is upwards, over the last 30-days, there has been a softening of the trend. This is the result of some investors emptying their address balances completely. Over the last month, around 219k addresses have been emptied, which is a metric to watch in case this is the start of a period of net outflows of users from the network,” the report noted.

Bitcoin’s short-term supply in losses has increased since the start of January 2022.