While the Bitcoin price has briefly surpassed the $106,000 level, whales started showing higher activity and began moving large amounts of BTC, according to Whale Alert.
Close to two hundred million dollars has been sent to Coinbase’s institutional branch. Besides, new whales also began accumulating Bitcoin using OTC platforms.
$693 million in Bitcoin moved to Coinbase and new wallets
Blockchain tracking platform Whale Alert, which monitors large cryptocurrency transfers and then shares the details with the community via social media, has spotted several massive Bitcoin transfers conducted over the past few hours.
Half of them were deposits to major U.S.-based crypto exchange Coinbase Institutional. Whale Alert states that 1,200 BTC and 533 BTC were transferred there within a single hour, and these crypto chunks were worth $127,221,164 and $56,532,596, together adding up to slightly more than $184,000,000.
Before that, the same source detected two even bigger transactions, as 3,179 BTC and 1,700 BTC were moved from anonymous addresses to new blockchain wallets. These crypto lumps were valued at $331,733,132 and $177,346,339, respectively. Thus, it was either whales just redistributing their Bitcoin holdings to new wallets or completely new whales accumulating BTC via OTC deals.
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Large and small Bitcoin wallets surprise with behavior
According to a recent report published by popular on-chain data aggregator Santiment, top and small Bitcoin wallet owners now seem to be moving it totally different directions. The report was published earlier today, when Bitcoin was moving in the $104,000 zone.
What Santiment called “elite” wallets (holding more than 10 Bitcoins) have begun to rapidly increase — over the past 10 days, the growth has constituted 0.15%, which is plus 231 new wallets. As for small addresses, holding between 0.001 and 10 Bitcoins, Santiment has observed a 0.15% decline as its total amount has suddenly dropped, losing 37,465 BTC wallets.
This means that while retail wallets are losing confidence and exiting the market, large wallets continue accumulating. Santiment underscored that this is a definite historical sign of bullish momentum inevitably coming back to crypto markets. By now, Bitcoin has managed to retake the $106,000 mark and is trading above it.
