Bitcoin Whales Buy $3.12 Billion In BTC In Last 24 Hours As Crypto Braced For Fed Hike

Bitcoin immediately felt the impact of Wednesday’s Federal Reserve interest rate increase and failed to gain upward traction. Other macroeconomic variables also contributed to the decline of the world’s leading cryptocurrencies, including Ethereum and other significant cryptocurrencies.

Bitcoin lost its grip on the critical $19,000 handle following the U.S. central bank’s announcement. As of this writing, BTC is trading at $18,950, down 5.5% in the last seven days, data from Coingecko show.

As this situation evolved, a whale tracker observed many BTC accumulation transactions, indicating that whales are buying the dip.

Bitcoin Whales Quick To The Draw, Buy The Dip

In the past 24 hours, more than 166,000 Bitcoins have been transferred from cryptocurrency exchanges to unknown wallets, according to Whale Alert. The total amount of all registered transactions exceeds $3.12 billion.

A cryptocurrency wallet containing $40,754,647 in BTC has just sent the funds to Coinbase, while a Bitcoin whale moved $26,447,771 worth of Bitcoin away from the exchange.

The majority of BTC transfer transactions reported include more than 9,500 Bitcoin. However, the majority of whale trades occur on the Huobi cryptocurrency exchange.

A Bitcoin whale, often known as a “crypto whale” or just a “whale,” is a word used in the cryptocurrency community to refer to persons or organizations that hold huge quantities of cryptocurrency.

These “whales” are investors who own at least $10 million in Bitcoin and who send cryptocurrency from exchanges when they intend to hold their investments for a prolonged period of time.

Keeping huge sums of money on an exchange increases the danger of loss, as exchange wallets are the most desired target for cryptocurrency thieves.

Massive Crypto Transfers Are Often Bearish Signals

Over the previous several hours, more than 43,000 BTC have reportedly been transferred from the Huobi wallet on Binance, according to a report by Wu Blockchain. The overall outflow has been estimated to be approximately $820 million.

The cryptocurrency exchange Huobi has replied to these mega-transactions. It was suggested that the regular withdrawal behavior of users caused the internal movement of funds.

Huobi also reported another whale Alert transaction involving the transfer of 99,999,000,000 USDT to an unidentified wallet. designated these as internal text. The withdrawal operation of the user was responsible for initiating the text.

Transfers of cryptocurrency from wallets to exchanges are often a negative sign. When whales move crypto to an exchange, they are often in search of liquidity.

It seems unlikely that the investor intends to store their crypto on Coinbase, as the security concerns associated with storing large quantities of crypto on an exchange are greater than those associated with storing these assets in a hardware wallet.

It could be that that this Bitcoin whale intends to sell the crypto or trade it for alternative crypto assets.

BTC total market cap at $365 billion on the daily chart | Source: TradingView.com

Featured image from CoinCentral, Chart: TradingView.com

Related Posts

VeChain holds hundreds of millions in Bitcoin, Ethereum, VET, and stablecoins to become #1 blockchain project in the world

VeChain foundation’s financial report for Q2 2022 shows that it holds $535 million worth of crypto reserves. The company’s crypto valuation for Q2 2022 is 44 percent…

Spanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives

Laliga, the premier soccer league organization in Spain, has announced a partnership with Globant, an Argentine software giant, to bring Web3 and metaverse experiences to its fans….

Celsius Faces Trouble Selling Its Stablecoins Amid CEO Resignation

Regulators in Texas and Vermont oppose the plan to sell the stablecoin funds that keep the company bankrupt. The agencies believe that Celsius’s request is actually trying…

Meta Storms Ahead with NFT Sharing on Instagram and Facebook

Social media behemoth, Meta, has ramped up NFT sharing on its flagship products, Instagram and Facebook, opening up its long-touted token integration to all users in the…

Net Bitcoin ATMs growth drops globally for the first time ever

Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a…

Cardano reaches 3.9m wallet addresses and invests $200m to boost ecosystem – ADA about to explode

Cardano’s founding entity (Emurgo) will invest these funds in various projects over the next three years. Cardano’s wallet addresses surpass 3.9 million, but ADA price is still…

Generated by Feedzy