Whale Alert says an affluent crypto holder moved Bitcoin (BTC) worth $319,120,100 on Thursday, transferring the funds to an unknown wallet.
The address has received a total of 55,688 BTC since February and is currently holding 20,890 Bitcoin worth $482,863,640 at time of writing.
Another unknown whale also moved large amounts of Bitcoin to crypto exchange Coinbase in a series of transactions on Thursday:
Whale Alert says Coinbase also transferred 16,983 BTC on that same day.
? ? ? ? ? ? ? ? ? ? 16,983 #BTC (395,056,627 USD) transferred from #Coinbase to unknown wallethttps://t.co/1Y3TylQPGx
— Whale Alert (@whale_alert) July 21, 2022
CryptoQuant CEO Ki Young Ju shares his insights on the uptick in whale movements.
“When fear hits the BTC market, whales are active in exchanges for various reasons. The uptick in June this year seems to have borrowed BTC to fill up collaterals for long positions if you see its heavy flows between spot and derivative exchanges.”.
He says the increase in whale activities could be an indicator that the market has hit the bottom.
“I usually mentioned this as a cyclic bottom signal since it represents oversold. Not sure how this would go in this macro environment.”
Generated Image: DALL-E
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