Crypto whales have caught the attention of the market as they make sudden moves, relocating more than half a billion dollars worth of Bitcoin (BTC) in response to the crypto king’s attempt at mounting a recovery rally.
The blockchain-monitoring service, Whale Alert, was the first to report these significant Bitcoin transactions, totaling 20,470 BTC with a value surpassing $526 million.
Among these transactions, the largest involved a deep-pocketed investor transferring 10,205 BTC, equivalent to a staggering $261.32 million, from a wallet of unknown origin to another undisclosed wallet. Remarkably, the whale paid a mere $35.73 to execute this substantial BTC trove transfer.
In a separate noteworthy transaction, another crypto whale moved 3,912 BTC worth $101 million between unidentified wallets, incurring a processing fee of approximately $50 for this multi-million-dollar transfer.
Whale Alert also observed a transfer of 3,190 BTC valued at $81.54 million from the renowned crypto exchange, Kraken, to a wallet whose origin remains undisclosed. The associated cost for the whale to relocate this stack of BTC amounted to just $74.62.
In another intriguing development, a whale relocated 2,264 BTC worth $59.62 million from a wallet of unknown origin to the popular crypto exchange, Coinbase. This move potentially indicates a plan to sell the Bitcoin on the open market. The deep-pocketed investor paid a fee of $131.67 to send the crypto to Coinbase.
Meanwhile, a substantial Bitcoin investor paid less than $20 to transfer 899 BTC valued at $23 million from the well-known crypto exchange, Binance, to an unknown wallet.
These significant Bitcoin transactions have coincided with BTC’s bounce from its weekly low of $24,864, surging to a high of $26,676, representing an impressive increase of over 7%.
The crypto market continues to be captivated by the actions of these whales, as they strategically navigate the evolving landscape of Bitcoin amidst its ongoing recovery efforts.
