Bitcoin price has seen a 5% decrease over the past seven days, while a dormant whale has moved 8,000 BTC worth $537 million. Recent consolidation of Bitcoin has been a cause for concern and strategy for whales. Notable moments from whales have occurred in recent months, with Bitcoin maintaining a range between $65K and $69K. On June 12, a Bitcoin whale transferred 8,000 Bitcoin (BTC) from a Coinbase cold storage wallet after a period of inactivity lasting five and a half years.
According to blockchain analytics firm Arkham Intelligence, the $536.5 million worth of bitcoin was sent to Bitcoin address “1ABww1…mCSKq” at block 847,490 at 1:26 pm. UTC. The wallet then sent all Bitcoin to the Binance deposit address “15u4H…rMsLa” within one block. Santiment reports that wallets holding 10 or more bitcoins have recently reached their holdings from exactly two years ago, showcasing a 226% increase in Bitcoin’s market value since then.
Despite the belief that FTX could be suppressing cryptocurrency prices in the latter half of 2022, the exchange’s collapse in November 2022 revealed a clear correlation between BTC wallet holdings and Bitcoin’s overall market value. Millions worth of Bitcoin transfers and accumulation have been observed, with approximately 20,000 bitcoins entering whale wallets during the recent market correction.
Tracking the movements of Bitcoin whales over the past week, it was noted that 879 BTC ($57,613,087) were transferred from Coinbase Institutional to Coinbase three days ago. Additionally, 749 BTC ($50,062,404) was transferred from an unknown wallet to Coinbase on the same day, and 1,599 BTC ($106,793,799) was transferred from an unknown wallet to Coincheck. On June 13, 999 bitcoins worth $67 million were moved from Binance to an unknown wallet, and on June 12, 879 bitcoins worth $61 million were transferred from Coinbase Institutional to Coinbase. In just three days, $350 million worth of BTC has been transferred.
Bitcoin is currently trading at $66,298 with a modest 0.11% increase; over the week, it has seen a 4.57% decrease. The daily RSI is at 43, approaching the oversold condition. In other news, Ripple CLO evaluates the SEC’s retraction of the ‘absurd’ $2B penalty demand.
