Bitcoin Whale Splashes in the Crypto Ocean by Making a Move Worth $197 Million in BTC
Bitcoin Sees Major Action As Whales Move $197 Million in BTC
Bitcoin whales tend to have a major influence on the market. These are the investors that have sizable holdings of tokens, causing a substantial ripple effect whenever the tokens move. In a recent report from Daily Hodl, it looks like the whales are getting a bit more active, as they have moved $197 million worth of Bitcoin in the last 24 hours.
There are 22 separate transactions to create this total, but the biggest one was 9,473 BTC, which was worth $46.8 million at the time. The transaction went from Bitfinex to an unknown wallet, following others holding BTC that are moving it off of exchanges. Considering that these whales are trying to store up their Bitcoin, it would be safe to say that the rising price has the biggest investors holding on tight to their BTC.
Almost all of the transactions from the whales went directly from the exchange to their wallet, with the exception of six transactions. The other major transactions above 1,000 BTC included:
- 1,241 BTC ($6 million) from Bitstamp
- 4,326 BTC ($21.1 million) from Bitfinex
- 8,273 BTC ($41 million) from Bitfinex
- 1,106 BTC ($5.5 million) from unknown wallet to Coinbase
- 1,318 BTC ($6.6 million) from Bitstamp
- 2,500 BTC ($12.4 million) from Bittrex
- 1,679 BTC ($8.4 million) from bitFlyer
- 1,000 BTC ($5 million) from Bittrex
- 1,328 BTC ($6.7 million) from Bitstamp
Fundstrat Global Advisors’ head of research, Thomas Lee, sees these actions as a good sign. Much of the investors that sold during the $20,000 price in December 2017 are learning their lesson, keeping hold of their funds as Bitcoin rises. Some believe that there is a rally coming, and the climb that Bitcoin is experiencing now might not be over. Lee noted that the changes on April 1st should be considered “real evidence” of the change, though altcoins have not fared quite as well.
As of 12:38 pm MST, Bitcoin is trading at $5,023.24, experiencing a 3.04% gain in the last 24 hours. So far, the highest that the token has been in the last week is $5,307.00, and it is likely that other BTC holders are hoping it rises above this point as well.