Crypto Whale transfers 4000 Bitcoin to Gemini
After a more than 30% recovery from recent lows, Bitcoin (BTC) rebounded by nearly 11% in the past week. As a result, network activity across the BTC network has decreased sharply in recent days. However, whales still move the world’s most valuable digital resource in large quantities.
Yesterday, Whale Alert, a leading chain analytics and tracking platform, highlighted the movement of 4,000 Bitcoin worth more than $86 million from an unknown crypto wallet to Gemini. The transfer was carried out at 22:06 UTC.
Dormant Bitcoin Supply Increases. According to Glassnode, the percentage of BTC supply that was last active more than five years ago hit an all-time high of 24.4% on Monday.
“The recent price rise also failed to attract a significant wave of new active users, which is particularly noticeable among retail investors and speculators. The monthly momentum of currency flows also does not suggest a new wave of investors entering the market, which implies a relatively weak inflow of capital,” highlighted Glassnode in its recent report.
Bear market
Bitcoin is currently going through one of its worst market corrections. While large crypto transfers are still happening, the total number of whale transactions is lower compared to 2020 and 2021.
“The current market structure is certainly comparable to the bear market of late 2018, but does not yet have the macro-trend reversal in profitability and demand inflows required for a sustainable uptrend. Therefore, the ongoing bottom consolidation phase is most likely, as Bitcoin investors attempt to put a firmer basis, of course subject to the continuing uncertainty and adverse events in the macroeconomic backdrop,” the company added in the report.
Last week, $15 million worth of BTC products left. Almost 150,000 Bitcoin addresses currently have at least 10 BTC.
After a more than 30% recovery from recent lows, Bitcoin (BTC) rebounded by nearly 11% in the past week. As a result, network activity across the BTC network has decreased sharply in recent days. However, whales still move the world’s most valuable digital resource in large quantities.
Yesterday, Whale Alert, a leading chain analytics and tracking platform, highlighted the movement of 4,000 Bitcoin worth more than $86 million from an unknown crypto wallet to Gemini. The transfer was carried out at 22:06 UTC.
Dormant Bitcoin Supply Increases. According to Glassnode, the percentage of BTC supply that was last active more than five years ago hit an all-time high of 24.4% on Monday.
“The recent price rise also failed to attract a significant wave of new active users, which is particularly noticeable among retail investors and speculators. The monthly momentum of currency flows also does not suggest a new wave of investors entering the market, which implies a relatively weak inflow of capital,” highlighted Glassnode in its recent report.
Bear market
Bitcoin is currently going through one of its worst market corrections. While large crypto transfers are still happening, the total number of whale transactions is lower compared to 2020 and 2021.
“The current market structure is certainly comparable to the bear market of late 2018, but does not yet have the macro-trend reversal in profitability and demand inflows required for a sustainable uptrend. Therefore, the ongoing bottom consolidation phase is most likely, as Bitcoin investors attempt to put a firmer basis, of course subject to the continuing uncertainty and adverse events in the macroeconomic backdrop,” the company added in the report.
Last week, $15 million worth of BTC products left. Almost 150,000 Bitcoin addresses currently have at least 10 BTC.
