Whales Abruptly Move $655,000,000 in Bitcoin Amid Massive Crypto Market Surge
Recent colossal Bitcoin (BTC) whale movements may be part of why the king crypt is surging, according to a top research firm.
Yesterday, Santiment noticed 11 different transfers of BTC totaling over $655 million in value had taken place as Bitcoin approached $30,000.
“Major whale movements have appeared on Bitcoin’s network today as the price is now on the verge of crossing $30,000 for the first time since June. A total of 11 separate 22,000 BTC [11 separate 2,000 BTC transactions worth 22,000 BTC] (totaling $655 million) was moved in two simultaneous batches.”
Santiment digs deeper into whale activity in a blog post, saying the massive whale movements may have provided a catalyst for Bitcoin’s explosive rally.
“The top 11 of them were all identically sized at 2,000 BTC and all went to completely new addresses…
eight of them happened simultaneously at 17:28 UTC. The other three happened at the same time at 18:25. This is certainly not normal behavior. And to put into perspective just how big these moves were, a total of 22,000 BTC totals $655 million as of this writing.
While we can’t say for sure whether these transactions matched with certainty, we can see that there were large outflow spikes at the time both of these sets of transactions occurred, suggesting that these addresses were moving from existing addresses on the exchange to new departures. – change addresses.”
Santiment also suggests that the crowd is able to continue the rallies triggered by the whales.
“As for whether this rally can be sustained by the crowd, it certainly looks like it now, based on trading volume. However, we can see that address activity has been quite modest throughout Monday. So this adds to the theory that these 11 massive Bitcoin transactions had a lot to do with the edge to the festive $30,000 level.”
Sentiment too notes that Bitcoin is enjoying a huge surge in social mentions, helping to create a “crowd euphoria” as BTC soars above $30,000 for the first time since last June.
“Bitcoin is a top four trending word in crypto after jumping above $30,000 for the first time in 10 months. Comparing the hype around this resistance break compared to the $25,000 crossing four weeks ago, we see 82% more mentions of this long-standing milestone. »
BTC is worth $30,203 at the time of writing, up 7.5% in the last seven days.
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