Bitcoin whale transfers are spiking. The latest data from Whale Alert shows that billions of dollars worth of crypto coins were moved during the past week. Among the large transfers is the most notable transaction that involved the movement of over 14,000 BTC to an unknown digital wallet.
Whale alert reported that $319 million worth of Bitcoin was transferred last week on Thursday. The transfer was recorded on Blockstream.info.
Over the weekend, whale transfers increased as a prominent crypto address transferred 3,374 Bitcoin from the online exchange Coinbase to an unidentified wallet.
Large BTC addresses are crucial to overall network activity on the Bitcoin network. According to data from Coinmarketcap.com, the top 100 BTC addresses control more than 14% of the total supply.
However, since Tesla sold off over 75% of its cryptocurrency holdings, the influence of institutional Bitcoin holders has slightly diminished. Less than 200,000 BTC are now held by publicly traded firms worldwide.
Since BTC is currently selling more than 65 percent below its all-time highs in November 2021, the market position as a whole is still shaky. Even while the number of whale transfers on the BTC network increased, in the most recent month, the average transaction volume, lucrative supply, and active addresses all fell.