The elite group of crypto investors known as whales are moving millions of dollars in Bitcoin as the coin’s price hovers around $9,500.
In the past 24 hours, the crypto address tracker Whale Alert spotted four large transactions totaling 7,762 BTC, worth about $73.5 million at time of publishing.
One of the transactions sent 1,850 BTC worth $17.5 million to the crypto exchange Binance, where it could potentially be sold on the open market. The other transactions represent crypto moving between exchanges or from crypto trading and custody platforms to wallets of unknown origin.
• 1,099 BTC (10,412,141 USD) transferred from unknown wallet to OKEx
• 2,963 BTC (28,184,743 USD) transferred from Binance to Xapo
• 1,850 BTC (17,533,063 USD) transferred from unknown wallet to Binance
• 1,850 BTC (17,493,339 USD) transferred from Xapo to unknown wallet
New numbers from the crypto analytics firm Glassnode show the number of Bitcoin whales in existence has reached levels not seen since late 2017, a few months before the top cryptocurrency hit its all-time high of just over $20,000.
“Despite the volatile market movements of 2020, the number of bitcoin whales has been growing near-consistently since January, with a current value of 1882 entities holding at least 1000 BTC… Perhaps more interestingly, the first time we saw this many whales was in March 2016, when Bitcoin was still under $420.”
Although the rising number of whales suggests the important investor class is bullish on Bitcoin, overall sentiment on the markets is down as BTC struggles to surpass $10,000.
“Sentiment saw the largest drop of the week, decreasing by 19 points due in large part to Bitcoin’s price drop on Thursday. While saving behavior increased by 11 points, investor sentiment took a hit as more BTC dropped out of a state of profit.”