Bitcoin Whales Move Over 5,500 Coins as Price Falls Below $38k
Two major Bitcoin (BTC) whales have recently made significant movements of over 5,500 coins as the asset’s price drops below the $38,000 mark. These transactions indicate potential concerns about wallet security and a shift towards exchanges.
Whale Transfers from Old Address to New Wallet
An unknown Bitcoin whale transferred 3,000 coins from an old address to a new wallet. This type of movement is often a precautionary measure taken when users feel unsafe about their previous wallet provider.
Whale Moves BTC to Coinbase Exchange
Another whale moved a total of 2,547 BTC from a self-custodial wallet to the Coinbase crypto exchange. This move suggests a preference for the security and convenience offered by an exchange.
Decrease in Whale Activity
Data from market intelligence platform Santiment shows a slight decline in overall Bitcoin whale activity. The number of whale transactions involving at least $100,000 worth of BTC dropped from 9,765 trades to 9,466 unique transfers in the past 24 hours.
Decline in Exchange Inflow and Outflow
The past 24 hours also witnessed a decrease in the amount of BTC flowing into and out of exchanges. The inflow dropped from 33,111 BTC to 28,985 BTC, while the outflow decreased even further from 40,512 BTC to 27,660 BTC.
Increase in Exchange Deposits
In contrast to the decrease in inflow and outflow, there was an increase in the number of Bitcoins deposited into exchange platforms. A total of 1,325 additional Bitcoins were deposited in the past 24 hours.
Price and Trading Volume Decline
Bitcoin’s price has fallen by 1.3% in the last 24 hours, currently trading at around $37,700. The asset’s market capitalization has declined to $737.65 billion, with a Bitcoin market dominance of 52%. Additionally, BTC’s trading volume has decreased by 11% to approximately $20 billion.
Swiss Asset Manager Files for BTC ETF
Pando Asset, a Swiss asset manager, has officially filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). If approved, Coinbase will serve as the custodian for Pando Asset’s BTC ETF.
Hot Take: Bitcoin Whales React to Price Drop
As Bitcoin’s price falls below the $38,000 mark, significant movements by Bitcoin whales indicate concerns about wallet security and a shift towards exchanges. This could be a response to potential risks associated with holding large amounts of BTC in personal wallets. Additionally, the decrease in whale activity and exchange inflow/outflow suggests a cautious sentiment among traders. However, the filing of a BTC ETF by Pando Asset demonstrates continued interest in Bitcoin investment products. The market will closely watch for any updates regarding the SEC’s decision on this application.
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