While most of the crypto exchange activity in the past week has resulted in major Bitcoin outflows from exchanges, a surprising move including the transfer of 2,011 BTC was observed on 9 February.
The blockchain tracking firm, Whale Alert pointed out the movement of $90 million worth of Bitcoin from Xapo to crypto trading platform Coinbase. The transaction, which was executed at 22:08 UTC, highlights one of the major BTC exchange inflows during the past week.
Recently, Finance Magnates reported about the rising Ethereum whale movements from digital exchanges to unknown wallets. The trend has seen a shift this week after ETH millionaires started transferring the crypto asset from cold storage to mainstream exchanges.
On 10 February, one of the biggest Ethereum addresses moved 51,151 coins worth more than $163 million from an unknown wallet to FTX. The transaction was recorded on Etherscan.
The whale movements of Bitcoin and Ethereum have surged in tandem with the prices of both digital assets. On Wednesday, BTC climbed above $44,500 while ETH reached the price level of $3,250.
Bitcoin Entities
According to Glassnode, Bitcoin network activity has spiked again after a substantial surge in new BTC entities. The company added that the price range between $30,000 and $40,000 acted as a strong fundamental support area for the crypto asset throughout 2021.
“Looking to the spot/on-chain markets, we can see that the Bitcoin network saw an impulse of new net entities this week, pushing up to net growth of 18.5k entities per day. Through 2021, large impulses of net entities have occurred around volatile periods such as bull market corrections in Q1-Q2, and during the 50%+ sell-off in May. June to Dec 2021 was a period of quiet accumulation with a stable baseline of 12.5k net entities entering the network per day,” Glassnode highlighted in a recent report.
