$4,900,000,000 Bitcoin Whale Initiates Massive BTC Transfers As Crypto Market Dips
The world’s richest non-exchange Bitcoin (BTC) whale is accumulating BTC amidst a widespread crypto market pullback.
The wallet, which by itself holds the largest trove of Bitcoin next to crypto exchange giants Binance and Bitfinex, is buying more BTC as the price of the flagship cryptocurrency continues to trade below the $40,000 mark.
According to data from crypto tracking website BitInfoCharts, the deep-pocketed investor snapped up 318 BTC and 412 BTC on March 8th and 9th respectively when the latest crypto market downturn began.
Before that, the crypto holder sold 1,500 BTC during a short-term rally in early March when the top crypto asset by market cap briefly rose to $43,900, a price tag that it hasn’t seen since early February.
The crypto whale currently holds about 126,000 BTC worth a staggering $4.9 billion at time of writing.
In a report published last week, crypto insights firm Santiment notes that BTC investors are moving their holdings out of exchange protocols, which could indicate a future rally for the leading digital asset.
#Bitcoin continues to see coins moving off of exchanges while prices are near a 6-month bottom. Interestingly, 21 of the past 26 weeks saw $BTC moving more off of exchanges than on to exchanges. Look for major outflow spikes as price rise indicators. https://t.co/Jl0GZqfBlF pic.twitter.com/6Btqp4F7Vl
— Santiment (@santimentfeed) March 7, 2022
The firm says that crypto exchange platforms are now seeing the lowest ratio of Bitcoin supply they have in three years, which could mean the king crypto will face lower sell pressure in the future.
“Bitcoin’s cumulative supply sitting on exchanges has continued its encouraging slide downwards, reaching all the way to 10.76%.
This is the lowest ratio of BTC supply on exchanges since November 2018. Generally, this continued decline implies a decreased risk of future selloffs.”
Bitcoin is exchanging hands at $38,743 at time of writing, an 8.7% decrease from its seven-day peak of $42,438.
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Author: Daily Hodl Staff
