Bitcoin Address Moves 9,055 BTC During Cryptocurrency Market Crash

BTC lost around 20 % of its holdings after the recent developments. At the moment, BTC’s market dominance (40 %) is at its lowest levels in three years. On the other hand, a large BTC account transferred 9,055 bitcoin during a cryptocurrency market crash. The account moved the money into an unknown wallet on Sunday, 16 May at 21.32 UTC.  

As whale alert, a crypto analytics platform demonstrated in the latest data, the total value of the mentioned transaction is approximately $400 million. In addition to that transfer, another anonymous investor transferred 7,231 Bitcoin with the value of $350 million to an unknown wallet. These transactions are the moves of Bitcoin whales concerning price volatility in the cryptocurrency market. 

Finance Magnates highlights the dominance of bitcoin whales in the market. They report the amount of such large addresses as 16,104 holdings between 100 to 10,000 Bitcoin. In sum, these Bitcoins add up to 9.1 million coins.   

cryptocurrency market crush

BTC and ETH are the two globally leading cryptocurrencies. Whale Alert points out the drastically increased transfer activity of these two currencies. For instance, an enormous exchange has occurred from an Ethereum account to a crypto wallet in Binance. The value of transferred 200,000 ETH is more than $702 million

Furthermore, several large Bitcoin accounts are leaving leading crypto exchanges to cold storage or unknown wallets. To illustrate, a leading BTC whale transferred 1,500 BTC from Coinbase to an anonymous digital wallet. 

Such moves are interpreted as the whales’ efforts to originate a supply shortage as the supply of BTC and ETH exchanges has been downward, especially during a cryptocurrency market crash. According to a crypto analytics firm, Santiment, the latest decline in BTC and ETH caused a recession in the coin movement, escalating the competition.  

SEE ALSO: Why Did Bitcoin Crash?

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