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Whale alert sounded for Bitcoin as $463 million worth of BTC transferred

Photo of: Dennis Ramos
by Dennis Ramos

Bitcoin has been trending high on news and mostly all of it for good reasons. We shared how an increasing interest in Bitcoin from institutional investors has increased the confidence in Bitcoin, especially from a long-term perspective. And now Bitcoin is back in the news when crypto traders have reported the sudden movement of $463 million in Bitcoin. 

Bitcoin Block Bot, the Bitcoin-specific analytics tracker was the first one to spot four transactions on Monday. What is noteworthy is that the four transactions happened in a three-minute window taking the total transfer figure to 40,758 BTC. 

Source: Twitter

The official Twitter feed of Bitcoin Block Bot reported the transactions as and when they occurred. As we can see the accurate measure of BTC has been reported by the Bot services. In its Twitter feed, the entire set of details of the transactions can be found.  

Whale Alert has informed that one of the transactions for 8000 BTC was sent from Coinbase, the famous US-based crypto exchange to a wallet of completely unknown origin. The Whale Alert contains databases having thousands of known addresses of individuals, exchanges, and companies and it is also constantly adding and updating either manually or with the help of Artificial Intelligence. Its tracking software has the ability to instantly identify transactions made to and from known and connected addresses. By engaging in this, it removes anonymity and adds more intention for a major part of the crypto space especially exchanges. 

Although the transfer could also imply that Coinbase is moving some funds around for security reasons, Whale alert has tools that could filter out such transactions. With the transfer, discussions, and talks among traders started with several hypotheses that this could be an individual who is allocating a portion of their portfolio to Bitcoin. Over the weekend, a similar instance of a movement of half a billion dollars in BTC became the talk of the crypto town. It triggered similar controversy when the event took place. 

Crypto Quant, a crypto analytics company from a recent analysis showed that a good proportion of the Bitcoin whales are holding onto their BTC and not willing to sell. Ki-Young Ju, the CEO of the analytics company talks with data that shows a large number of high net worth investors are transporting their BTC to exchanges where it can then be sold on the open market. This reached a yearly low in recent weeks. 

Bitcoin Treasuries has also compiled data with respect to 15 publicly traded companies. According to it, these 15 companies have invested nearly $7 billion in BTC. In return they have earned about $500 million collectively ever since BTC was allocated to it. 

Source: Bitcoin Treasuries

As can be seen, MicroStrategy leads the charts with 38,250 BTC with a total worth of $435,854,925. This is followed by Galaxy Digital holdings which possess 16,651 BTC worth nearly $189,736,480. And the recent Square dealings also comes in a close third to Galaxy with 4,709 BTC worth $53,658,58.