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Crypto Whales Trigger Confusion As Jaw-Dropping $634,000,000 in Bitcoin (BTC) Moves Out of the Blue

October 11, 2020

Four of the richest Bitcoin wallets in existence just moved a collective $634 million in BTC in the span of two minutes, triggering confusion among a number of crypto traders.

The crypto analytics tracker BTC Block Bot initially detected the massive Bitcoin movements.

According to Whale Alert, two of the addresses involved in the transfers are connected to the crypto exchange giants Coinbase and Binance, leaving traders to wonder why the exact same amount of BTC left the exchanges at the exact same time.

? ? ? ? ? ? ? ? 8,000 #BTC (88,858,461 USD) transferred from #Coinbase to unknown wallet

Tx: https://t.co/CdIqs5zVvE

— Whale Alert (@whale_alert) October 9, 2020

? ? ? ? ? ? ? ? 8,000 #BTC (88,858,461 USD) transferred from #Binance to unknown wallet

Tx: https://t.co/zpNGspbBGB

— Whale Alert (@whale_alert) October 9, 2020

According to new data from on-chain market intelligence firm Glassnode, the number of high net-worth individuals entering the crypto space is on an uptrend.

“The number of Bitcoin whales (entities holding ? 1K BTC) has been on an upwards trend for the past months.

An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of BTC price appreciation.”

The firm says despite a couple of hiccups, crypto investors appear to be acquiring BTC at a faster rate.

Network Health and Liquidity are seeing positive growth, and sentiment among traders is on the rise.

“Meanwhile, long-term hodlers can remain confident in the strength of bitcoin’s underlying fundamentals, while simultaneously looking out for good buying opportunities in the coming days and weeks.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc