BTC whales have accelerated the accumulation of the world’s most valuable digital currency as a Bitcoin user moved 3,671 BTC from cryptocurrency exchange, Coinbase to a digital wallet on 29 April.
According to the latest data published by Whale Alert, a blockchain tracking and analytics firm, the total value of the BTC transfer stands at around $194 million. The mentioned Bitcoin transaction was recorded on blockchain.com at 19:40 UTC.
The latest transfer came after Finance Magnates reported a surge in Bitcoin outflows from leading crypto exchanges including Coinbase and Binance. BTC whales are moving the cryptocurrency in large amounts from exchanges to digital wallets.
In March 2021, nearly $1 billion worth of Bitcoin left Coinbase within 24 hours. Cryptoquant.com reported that more than 15,000 BTC left Coinbase during the third week of March 2021.
During the first week of April 2021, BTC whales moved 21,334 Bitcoin within 2 hours after the world’s largest cryptocurrency jumped above $60,000. As of writing, Bitcoin is trading near $54,200 with a market cap of more than $1 trillion. BTC remained unchanged in the last 24 hours but other digital currencies including Ethereum and XRP gained substantial value within a single day.
The overall network activity of BTC has increased above the $1 trillion market cap and Bitcoin whales are playing an important role in that. According to the latest data published by crypto analytics platform Santiment, large BTC addresses accumulated nearly 90,000 coins during the first three weeks of April. A large part of the overall BTC supply has moved above the $1 trillion market cap. The latest increase in the network activity of the world’s most valuable digital asset and its whale activity is due to a jump in Bitcoin’s institutional adoption. Earlier this week, Japan’s leading gaming firm, Nexon purchased 1,717 Bitcoin for approximately $100 million. MicroStrategy revealed in its latest quarterly report that the company is holding nearly $5 billion worth of Bitcoin.