Bitcoin network activity has increased along with its price in the last 7 days. During the recent crypto market consolidation, crypto whales executed some large transactions. One of the most prominent moves was executed by a crypto millionaire who transferred $100 million worth of Bitcoin from digital exchange Binance to Xapo.
Whale Alert, a blockchain tracking and analytics platform, highlighted the transfer of 2,175 BTC on 4 April at 14:29 UTC. The latest transaction appeared amid a sharp dip in BTC exchange supply. Last week, Bitcoin exchange flows turned negative after whale movements resulted in outflows worth $9.5 billion, compared to the inflows of $7.9 billion.
“The impact of such a sustained, and high magnitude of BTC outflows is that the total balance held on exchanges has proceeded to multi-year lows. Over the course of March, over 96k BTC flowed out of the exchanges we track, reaching levels last seen in August 2018. Note that this represents a notable break downwards from the generally sideways plateau in exchange balances that was established from September 2021,” Glassnode’s on-chain report states.
Crypto Movements
Large crypto moves have been on the rise since the start of this week. On Monday, someone transferred 1,000 Bitcoin worth over $45 million to an unknown wallet. Today, a BTC millionaire transferred 499 coins worth more than $22 million from the digital exchange Gemini.
According to Santiment, most of the latest transactions on the BTC network have turned profitable due to BTC's price jump. “Bitcoin is seeing its 2nd largest ratio of transactions taken in profit vs. loss in the past 5 months today (2.64x more in profit). Also, Ethereum is having its 2nd largest in 4 months (3.03x more in profit). These high ratios foreshadow corrections,” Santiment noted.
Yesterday, daily on-chain BTC exchange flow came in at -$39.4 million.
