Bitcoin has experienced a 5% decline in price over the past week, causing concern and strategic planning among the dormant whales. Recent months have seen significant movements by whales, with Bitcoin trading between $65K and $69K. On June 12, a Bitcoin whale made a significant move by transferring 8,000 BTC from a Coinbase cold storage wallet after five and a half years of inactivity.
According to blockchain analytics firm Arkham Intelligence, the 8,000 BTC worth $536.5 million was sent to the Bitcoin address “1ABww1…mCSKq” at block 847,490 at 1:26 pm UTC. The entire amount was then sent to the Binance deposit address “15u4H…rMsLa” within one block.
Recent reports from santiment indicate that wallets holding 10 or more bitcoins have reached their holdings from exactly two years ago, coinciding with a 226% increase in Bitcoin’s market value. Despite popular beliefs surrounding FTX suppressing cryptocurrency prices in the second half of 2022, the exchange’s collapse in November 2022 has shown a clear correlation between BTC wallet holdings and Bitcoin’s overall market value.
Millions worth of Bitcoin have been transferred and accumulated in recent days, with approximately 20,000 bitcoins moving into whale wallets during the current market correction. This suggests that large investors are taking advantage of market dips to increase their holdings.
Tracking the movements of Bitcoin whales over the past week reveals several significant transactions, including transfers from Coinbase Institutional to Coinbase, unknown wallets to Coinbase and Coincheck, and from Binance to an unknown wallet. In just three days, a total of $350 million worth of BTC has been transferred, showcasing the high activity within the crypto whale community.
Meanwhile, Bitcoin is currently trading at $66,298 with a slight 0.11% increase, but a 4.57% decrease over the week. The daily RSI is at 43, approaching oversold conditions.
In other news, Ripple’s CLO has evaluated the SEC’s retraction of the “absurd” $2 billion penalty demand, sparking discussions within the crypto community.