Bitcoin whales have increased their transfer activities in the last few days after the price of the world’s largest cryptocurrency gained significant value. Large BTC addresses have moved 21,334 Bitcoin in three separate transactions on 1 April.
According to the latest data published by blockchain tracking and analytics firm Whale Alert, a Bitcoin whale address moved 12,000 BTC from cryptocurrency exchange, Coinbase to a digital wallet on 1 April at 18:40 UTC.
A transaction involving 7,134 Bitcoin was reported on 1 April when an anonymous user moved $420 million worth of BTC to an unknown crypto wallet. The transfer was reported at 20:04 UTC.
In addition, the blockchain tracking firm highlighted a transfer worth 2,200 Bitcoin from an unknown wallet on the same day at 18:39 UTC.
The total value of all the transfers stands at around $1.2 billion. The latest transactions came after digital exchange, Coinbase saw massive Bitcoin outflows last week. The crypto exchange experienced nearly $1 billion worth of BTC outflows within 24 hours.
Bitcoin and Ethereum
Crypto whales are moving Bitcoin and Ethereum in large amounts from leading crypto exchanges to cold wallets amid price volatility. The world’s largest cryptocurrency touched $60,000 briefly on 2 April after a massive demand from institutional investors. As of writing, BTC is trading near $59,800 with a market cap of more than $1.1 trillion. Ethereum, the world’s second-most valuable digital currency crossed $2,000 today. ETH is now up more than 25% in the last 7 days. Moreover, Whale Alert reported an anonymous Ethereum transfer yesterday after a crypto whale moved 48,399 ETH to an unknown wallet. The total value of the transaction stands at around $96 million.
The price of Bitcoin is now up by more than 110% since the start of this year. Finance Magnates reported yesterday that the world’s largest digital asset saw its best Q1 performance since 2013. However, the market dominance of BTC is dropping due to a rise in other digital currencies like Ethereum and Binance Coin.