Massive Amount of Bitcoin (BTC) on the Move as Crypto Whales Show Their Strength
- 2.8 percent of the Bitcoin circulating supply transferred to Binance Wallet
- A transaction of 500k BTC amounting $4 billion, in a single block cost about $8,000 in transaction fee
- Bitcoin is the most popular crypto-asset on Reddit, followed by Ethereum & Monero
Crypto analyst, Rptr45 reported about a series of large Bitcoin transfers amounting 2.8 percent of the circulating supply to Binance wallet.
Recently, we reported how Bitcoin analyst Willy Woo stated that the recent price surge was driven by whales buying and try to manufacture a short squeeze.
Now another whale movement can be detected as 496,261 BTC or 2.8 percent of the circulating supply has been transferred in block 580237. Out of these, a big chunk that is 82 percent of the BTC came in seven transactions that were all sent to a known Binance wallet.
As trader Moon Overlord states,
“Binance moving close to 3% of the entire bitcoin supply in a single block.”
“Does cz_binance care to comment on this? That's a lot of BTC to be moving around it looks like some of it was recirculated between a couple of connected addresses,”
asks analysts Rptr45.
Massive amount of bitcoin on the move. https://t.co/Xdtfmmdbvc
— Alex Krüger (@krugermacro) June 11, 2019
In another instance, a transaction of 500k BTC amounting to a value of $4 billion, in a single block cost about $8,000 in transaction fee, shares Founding partner of Primitive, Dovey Wan.
A single transaction of 50K $BTC (an estimated value of $4B) only cost ~$8000 transaction fee. Banks will be freaked out in this case
Anybody knows which exchange wallet is this? https://t.co/3O6dhmpjwc
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) June 11, 2019
Bitcoin is the Most Popular Cryptocurrency on Reddit
Elsewhere, Bitcoin remains the king whether it is about returns or being popular on Reddit. With an average of 3,600 comments posted every day, Bitcoin is the most popular cryptocurrency on Reddit.
According to a new research paper by Pacific Northwest National Laboratory by, Bitcoin is followed by Ethereum and Monero with 500 and 380 daily comments respectively.
The study that analyzes three years worth of discussion on Reddit between the period of January 2015 to January 2018, sought to measure the scale and speed at which discussion about these cryptocurrencies spread.
“The way information about these novel distributive technologies spreads across online social platforms shapes online and offline discussions, and could potentially influence peoples’ beliefs and decision making,”
says the paper.
The research reveals that the largest discussion on Reddit discussions are on the world’s top cryptocurrency while posts about Monero start discussions that are wider and longer. Additionally, Redditors respond quicker to posts about BTC but also has the lowest median lifetime of all three coins, while Monero has the largest median lifetimes.