Large Bitcoin addresses are on the move again after the recent volatility in the world’s most valuable digital asset. According to Whale Alert, a Bitcoin whale account transferred 6,713 BTC from a digital wallet to Xapo.
Whale Alert mentioned that the transaction was executed on Tuesday 29 June at 1:17 UTC. The total value of the transfer stands at around $230 million. The latest movement from the mentioned Bitcoin wallet came nearly 4 weeks after a leading BTC account moved 4,997 coins from a crypto wallet to digital exchange Bitfinex.
The world’s largest cryptocurrency is currently going through a bearish market as the overall sentiment has remained negative since 12 May 2021. Bitcoin is down by more than 40% in the last six weeks. Despite its latest rebound, overall institutional inflows remained slow.
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“Bitcoin, despite jumping back above $36,000 on Tuesday, is still seeing an extremely bearish sentiment here on Twitter. Historically, when crowd FUD is this notable it’s a much lower risk opportunity to get in while traders are awaiting lower prices,” on-chain analysis firm Santiment mentioned today.
BTC’s Institutional inflows, mining revenues, and trading volume dropped significantly in the last few weeks. “As mining hash-power continues to drop off the network during the largest migration of mining hardware in history, Bitcoin holders market-wide appear to have capitulated at the lows once again. The market realized the largest absolute losses in history and we explore the cross-section of the market most affected,” Glassnode mentioned in a recent report.
Earlier this month, the total number of active Bitcoin addresses reached the lowest level in 12 months. However, despite the latest dip in the overall Bitcoin network activity, Bitcoin whales remained active. In addition to the latest transfer of 6,713 BTC, a leading BTC wallet moved 750 coins worth over $25 million from Xapo to crypto exchange Coinbase. The transfer was executed on 28 June at 20:44 UTC.