Whales Move Over $1 Billion Worth Of Bitcoin From Exchanges; Are Institutions Accumulating?

Over $1 billion worth of Bitcoins has been transferred from Coinbase to some unknown wallets. In less than 10 transactions, some of the largest whales moved over 35,000 BTC in the last 24 hours. This move can be supported by the increased market volatility. However, Crypto whales usually try to manipulate or influence the price of a cryptocurrency by doing such transactions. Bitcoin is marginally down by 0.5% and trading at an average price of $39,191.

35,237 Bitcoin moves out of exchanges

Whale Alert, a blockchain tracker, reported multiple transactions in the last 24 hours done by different BTC whales to move 35,237 Bitcoin worth approximately $1,363,740,000 ($1.36 Billion) from Coinbase to unidentified wallets. The largest single transaction that has been recorded is 9,901 BTCs which is worth over $387 million. However, similar two transfers of 9,867 and 9,843 BTCs are also recorded.

Whale Alert BTC transfer — Source: Whale Alert

BTC investors Lark Davis suggested that these transactions can be internal transfers or a new mega entrant to the market.

3 transactions like this one happened a few hours ago on Coinbase. Over a billion in #bitcoin moved off exchange. Could be internal transfers. Could be a new mega entrant to the market. Either way that is a shit ton of BTC!!!! pic.twitter.com/hY1vTkAW46

— Lark Davis (@TheCryptoLark) March 11, 2022

Glassnode, a leading onchain data provider for Bitcoin, released the BTC Accumulation Trend Score. The data depicted that price-insensitive BTC hodlers of different wallet sizes have been accumulating in the current market.

Tracking on-chain #Bitcoin accumulation can be complex and nuanced to accurately analyse.

We are pleased to release the #Bitcoin Accumulation Trend Score, a metric designed to track when larger players or a large part of the market is accumulating.

1/4🧵https://t.co/6YcXOt6eE3 pic.twitter.com/fybQd5Msy2

— glassnode (@glassnode) March 10, 2022

$146 m worth of BTC liquidated in last 24 hrs

As per Coinglass, 44,692 traders have liquidated over $146 million in the last 24 hours. The single largest liquidation recorded has been of $5.90M BTCUSD value. However, over $6.4 million worth of Bitcoin has been liquidated in the last 24 hours.

Bitcoin is down by 0.5% in the last 24 hours and is trading at an average price of $39,191, at the press time. The largest cryptocurrency has recorded a 24-hour trading volume of $28,128,811,208.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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