Bitcoin
Over $1 Billion in Bitcoin Moved to Exchanges – Here’s What’s Happening!
- BTC sent to exchanges last week was worth over $1 billion
- At the time of writing, the cryptocurrency had recovered somewhat after falling below $55,000.
There was a notable influx of Bitcoin to exchanges recently. This coincided with a challenging period for the world’s largest cryptocurrency, with one of the most significant BTC drops in recent months. Needless to say, this had an impact on holders of the cryptocurrency, including whales.
In fact, a BTC whale that had been inactive for over ten years has now transferred all of its assets.
Billions of dollars in BTC hit exchanges
Recent data from Glassnode highlighted a significant increase in the volume of Bitcoin being transferred to scholarships.
AMBCrypto’s analysis of this data revealed that between July 1 and 5, more than 9,500 BTC, valued at approximately $540 million based on current prices, was transferred to exchanges.
Source: Glassnode
Expanding the timeframe to last week revealed an even larger transfer, with over 21,000 BTC moved — equivalent to over $1 billion in value. This increase in exchange inflows could indicate a build-up to the sell-off, potentially putting downward pressure on Bitcoin prices in the short term.
Decade-Old Bitcoin Wallet Awakens Again
That’s not all, with Lookonchain detecting significant action involving a portfolio that had been inactive for over a decade.
This wallet recently transferred all of its contents, totaling 1,004.5 BTC. The analysis indicated that these coins were acquired in 2014 at an average price of $735 each, valuing the total holdings at approximately $738,000 at the time of acquisition. Given the current market price of Bitcoin, these coins are now valued at approximately $57 million.
This substantial increase in value highlights BTC’s significant appreciation over the years. Furthermore, it highlighted the potential impact that such large and unexpected transactions can have on market dynamics.
More BTC movements
This week, there have been several significant Bitcoin transactions that are influencing market dynamics. Mount Gox conducted a test transaction involving over 1,000 BTC as part of its preparation for planned payments to creditors.
Additionally, the now-defunct exchange moved more than 42,000 BTC, valued at over $2 billion, from wallets that had been inactive for over a decade.
Furthermore, the The German government also moved over 4,000 BTC to the exchanges. These large-scale movements of significant and previously inactive holders contributed to increased liquidity on the sell side of the market.
Furthermore, such activities can lead to increased pressure on the sell side. This can impact its price, driving it south due to the sudden increase in available supply in the market.
Bitcoin struggles to recover
According to AMBCrypto’s analysis of Bitcoin On the daily timeframe, BTC seemed to still be struggling to stabilize amid its ongoing decline. The same was highlighted by the positioning of its RSI and Moving Averages.
Source: TradingView
– To read Bitcoin (BTC) Price Prediction 2024-25
At the time of writing, the cryptocurrency was trading around $56,600, fluctuating between small gains and losses.