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Bitcoin Whale moves 7,073 Bitcoin to Unknown Wallet

Bitcoin Whale moves 7,073 Bitcoin to Unknown Wallet

According to blockchain tracker Whale Alert, Bitcoin whales are relocating again as an anonymous user transferred 7,073 BTC to an unknown wallet on 27 February. The Bitcoins were worth approximately $333 million at Bitcoin’s recent price. The transfer occurs after Bitcoin dropped from $58,000 to as low as $44,000 in the last few days. recorded the mentioned transfer, and the user gave a total of 0.00011920 BTC ($5.65) in transaction fees.

Before the transaction, the whale was the 241st largest Bitcoin wallet. While the whale continues to be anonymous, it’s challenging to gauge the purpose of the transfer. Anonymous Bitcoin transfers are increasing parallelly with the volatility of the world’s largest crypto asset. Bitcoin is cascaded 20% over the last few days as the digital currency dropped to as low as $43,240. Bitcoin’s price has recovered as Bitcoin is now trading approximately $47,200 with a total market cap of more than $880 billion.

Whale Alert notifies two essential Bitcoin Transactions

Furthermore, Whale Alert announced two significant Bitcoin transactions on Saturday, including 4,509 BTC. Two anonymous users transferred 2,379 BTC and 2,130 BTC each from crypto exchange Coinbase to anonymous cryptocurrency wallets. As per the data collected by Blogpost, the Bitcoin supply on leading crypto exchanges is substantially decreasing. Over 25,000 Bitcoin worth over $1 billion has left Coinbase in the last week. 

Besides, Bitfinex reported substantial BTC outflows in the same period. Recently, Bitcoin is undergoing supply issues as BTC supply at leading exchanges has reached its lowest level in nearly three years. Moreover, JP Morgan emphasized the liquidity crisis in BTC lately and noticed that even a small move could significantly affect the price of BTC. The crypto whales are propelling Bitcoin and other digital assets from exchanges to cold storage or wallets to develop a supply shortage. Nonetheless, the recent clash in cryptocurrencies, institutional and retail demand for Bitcoin and other digital assets have surged.

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