Large transactions were recorded on the blockchain about six hours ago
In two large transactions, more than 11,000 BTC have been moved by whales in the past few hours as BTC crashes to near $40,000. Both transactions were registered on the blockchain about six hours ago, with the first moving 3,616 BTC or $148 million, while the second moved 8,000 BTC or about $333 million. They were transferred in less than an hour.
As previously reported by U.Today, more than 200,000 BTC were moved by whales when Bitcoin rose more than 18% earlier in the week. Bitcoin, the largest cryptocurrency, had risen to highs of $45,332 as it furthered its climb on March 2. On Feb. 28, the bellwether cryptocurrency recorded its largest daily candle, adding roughly 15% over the last 24 hours.
According to Saniment, the respective supplies of Bitcoin and Tether on crypto exchanges have dropped over the past 30 days. Bitcoin has consistently seen a downward supply trend on exchanges, while the trend started for USDT in early February. On-chain analysis suggests this could be a trend to watch as a signal for a move back above $45,000.
Bitcoin declined to lows of $40,800 after a steady decline owing to rejection from highs of $45,332 on March 2. The cryptocurrency market likewise tumbled under selling pressure after failing to sustain its bullish momentum. The total market capitalization has shrunk by $65 billion over the last day, although it has returned slightly above $1.8 trillion at press time.
Bitcoin whales are back?
Following Bitcoin’s consolidation in the cryptocurrency market, whales have returned to the market significantly with larger transactions than ever before, as U.Today previously reported. The reason behind this could be the redistribution of funds or indeed the emergence of purchasing power.
Whale transactions signal a rise in demand from large-pocket investors. A positive narrative among investors is fueled by an increase in demand. According to the provided data, more than 13,400 transactions with a value greater than $1 million were made by whales as Bitcoin rose earlier in the week.
