Mysterious Bitcoin Whale Abruptly Moves Over Whopping $134 Million In BTC
Portfolio Pulse from Bibhu Pattnaik
A prominent Bitcoin whale has moved 5,140 BTC, valued at approximately $134 million, from the Dubai-centric cryptocurrency exchange Bybit to an unidentified wallet. This comes as Bitcoin reserves on exchanges have dwindled to a six-year low, with affluent Bitcoin traders now averaging weekly transactions of 57,400 BTC, each exceeding $100,000 in value. Other notable transactions include transfers from unknown wallets to Coinbase, Bitfinex, Gemini, and Binance.
August 27, 2023 | 3:25 pm
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A significant amount of Bitcoin has been moved from exchanges to private wallets, indicating a potential decrease in liquidity and possibly driving up the price due to scarcity.
The movement of large amounts of Bitcoin from exchanges to private wallets can decrease the available supply on the market. This scarcity can drive up the price of Bitcoin in the short term. Furthermore, the fact that Bitcoin reserves on exchanges are at a six-year low suggests a trend of investors holding onto their Bitcoin, which could further drive up the price.
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