More than $1 billion worth of Bitcoins has been transferred from Coinbase to some unknown wallets. In less than 10 trades, some of the largest whales have moved more than 35,000 BTC in the past 24 hours. This move may be supported by increased market volatility. However, crypto whales usually try to manipulate or influence the price of a cryptocurrency by executing such transactions. Bitcoin is marginally down 0.5% and is trading at an average price of $39,191.
35,237 Bitcoin exits the exchanges
Whale Alert, a blockchain tracker, reported multiple transactions made by several BTC whales in the past 24 hours to transfer 35,237 Bitcoin worth about $1,363.74 million ($1.36 billion) from Coinbase to unidentified wallets. move. The largest transaction on record is 9,901 BTCs, valued at over $387 million. However, similar two transfers of 9,867 and 9,843 BTC are also recorded.
Source: Whale Alert
BTC investors Lark Davis suggested that these transactions could be internal transfers or a new mega entrant to the market.
3 trades like this took place on Coinbase a few hours ago. More than a billion in #bitcoin moved from the stock exchange. They can be internal transfers. Could be a new mega entrant to the market. That’s a lot of BTC anyway!!!! pic.twitter.com/hY1vTkAW46
— Lark Davis (@TheCryptoLark) March 11, 2022
Glassnode, a leading onchain data provider for Bitcoin, has released the BTC Accumulation Trend Score. The data showed that price insensitive BTC hodlers of various portfolio sizes have accumulated in the current market.
Follow on the chain #Bitcoin accumulation can be complex and nuanced to analyze accurately.
We are delighted to present the #Bitcoin Accumulation Trend Score, a metric designed to track when larger players or a large portion of the market accumulate.
1/4″ https://t.co/6YcXOt6eE3″ pic.twitter.com/fybQd5Msy2
— glassnode (@glassnode) March 10, 2022
$146 Million in BTC Liquidated in the Last 24 Hours
According to Coinglass, 44,692 traders have liquidated more than $146 million in the past 24 hours. The largest liquidation on record was valued at $5.90 million BTCUSD. However, more than $6.4 million worth of Bitcoin has been liquidated in the past 24 hours.
Bitcoin is down 0.5% in the last 24 hours and is trading at an average price of $39,191 at press time. The largest cryptocurrency has registered a 24-hour trading volume of $28,128,811,208.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
This post Whales move over $1 billion worth of Bitcoin from exchanges; Are institutions accumulating?
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