Bitcoin Whales On A Buying Spree Amid BTC Price Dump?

Bitcoin, the world’s largest cryptocurrency has failed to gain upward momentum due to the Fed rates hike in sight and other macroeconomic factors. Meanwhile, a whale tracker has reported several Bitcoin accumulation transactions which suggest that whales are buying the dip.

Is this whale accumulation real?

As per Whale Alert, more than 166K Bitcoins have been transferred from crypto exchanges to several unknown wallets in the last 24 hours. All the recorded transactions cumulatively worth over $3.12 billion.

Most of the reported Bitcoin transfer transactions carry more than 9.5k BTC. However, the majority of the whale accumulation are done from the Huobi Crypto exchange. At the same time, a transaction of 4,131 BTC was recorded from the Coinbase crypto exchange.

Meanwhile, Wu Blockchain reported that over the past 2 hours more than 43K Bitcoins flowed from the Huobi wallet Binance. The total outflow has been valued at around $820 million.

Huobi flags alert

Huobi has responded to these mega transactions. It mentioned that it was the internal flow of funds that was caused by the normal withdrawal behavior of users. It pointed out that it might be a Whale Alert flagging error.

However, the crypto exchange also flagged another whale Alert transaction for transferring 99.99 million USDT to some unknown wallet. Huobi highlighted that these were internal txt. It was triggered by the user’s withdrawal operation.

It mentioned that these transactions are all from one Huobi system address to another. This was not an outflow. The source address and the receiving address of these transactions are identified as their owned addresses.

Meanwhile, the Bitcoin price has surged by around 2% over the past 24 hours. BTC is trading at an average price of $19,133, at the press time. Its 24 hour trading volume has jumped by 50% to stand at $50.99 billion.

Earlier, Coingape reported that the worst phase of the Bitcoin Bear run has been left behind.