Due to a jump in crypto volatility, large Bitcoin (BTC) transactions have increased in the past few days. While digital assets like XRP saw an uptick in large movements, Bitcoin whales have also joined the party in the last week.
The data published by on-chain analytics platform Whale Alert has highlighted a sharp increase in large BTC movements in the last 5 days. On 16 March, a prominent Bitcoin wallet moved 2,725 coins from Xapo to an unknown wallet.
In a different transaction, a Bitcoin millionaire transferred 1,000 coins worth over $40 million from Coinbase to an unknown wallet. The transfer was executed on 16 March.
Earlier this week, Finance Magnates highlighted a substantial drop in the BTC balance on digital exchange Coinbase. The overall BTC balance on Coinbase has dropped by almost 36% in two years.
As far as institutional interest is concerned, Bitcoin has seen a surge in adoption, However, institutional inflows in BTC-related products has dropped in the last few weeks.
Long-Term BTC Holders
Despite a challenging environment, the total number of long-term Bitcoin holders has increased recently. Commenting on Bitcoin’s price action and a jump in long-term holders, Marcus Sotiriou, Analyst at the UK-based digital asset broker GlobalBlock, said: “Bitcoin is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase. On-chain data from Glassnode shows us this, as the illiquid supply shock ratio is rising dramatically.”
“This ratio shows us the proportion of supply that is being absorbed by entities with a low statistical history of spending their BTC. This ratio has been in a constant uptrend since May 2021 and has risen almost vertically over the past couple of weeks. This adds confluence to the idea of long-term holders accumulating Bitcoin at these prices, hence suggesting a bullish market structure for the medium-long term,” Sotiriou added.
