Bitcoin whale transfers are rising, and the latest data from Whale Alert shows a transaction of billions of dollars worth of crypto coins in the last week. The most interesting large transfer was sending 14,000 BTC to an unknown digital wallet.
According to Whale Alert, $319 million worth of Bitcoin was transferred on July 21 at 13:57 UTC. The transaction was recorded on Blockstream.info. Over the weekend, whale transfers sped up as a leading crypto address moved 3,374 Bitcoin from the digital exchange Coinbase to an unknown wallet.
Large BTC addresses are a big part of how the Bitcoin network works. Based on information from Coinmarketcap.com, the top 100 BTC addresses control more than 14% of the total supply.
But institutional BTC holders aren’t as powerful as they used to be before. The situation changed after Tesla sold almost all of its crypto holdings in the past few months. Public companies around the world now hold less than 200,000 BTC.
Unsteady Market Conditions of Bitcoin
Even though Bitcoin has had a good week in the last week, the market is still shaky. BTC has dropped by more than 65% since its all-time high in November 2021. Even though there were more whale transfers on the BTC network, the average transaction volume, the number of profitable addresses, and the number of active addresses have all gone down in the last month.
“The proportion of transfer volume in profit also has a market structure similar to previous bear market lows. During the 2015 and 2018 capitulation phases, over 58% of transfer volume was realizing a loss, and momentum had compressed after months of bearish price action. At the moment, 54% of the transfer volume is in loss (46% in profit), which is very close to 2015/18 recovery levels,” Glassnode highlighted in its on-chain analysis report.