The world of digital assets received a much-needed boost recently after Bitcoin [BTC], the world’s largest cryptocurrency, shot up in value and contributed to the rest of the market following suit. This unprecedented hike also resulted in market momentum increasing, as evidenced by transfers to and from wallets and exchanges.
According to Whale Alert, a cryptocurrency data aggregator, massive amounts of Bitcoin were moved between exchanges as well as unknown wallets, on June 6. The largest transfer saw 59,294 BTC being moved from an unknown wallet to another unknown wallet. The transfer amounted to almost half a billion dollars, clocking in at $464.452 million. The transaction had a timestamp of 10:39:03 UTC and a hash of c1fe535009b2ba2170b76eebed30753f3039d3ec3f77c70ddfcd71c08d2ce167. The sender wallet had an address of 33gXc64essmPmVkwNJvmbknoGxfiKrue9X, while the receiving wallet held two addresses.
Some users in the Bitcoin ecosystem had their own opinions about the transfer, with Zachary Tracy, a cryptocurrency-enthusiast commenting,
“The individual that transferred these funds, transferred the first time with Bitcoin at a value of $8400. I don’t think they are going to sell just yet. The other top wallets have been accumulating, a large spike is incoming. This is likely a prep to dump at the top of it.”
The aforementioned transactions were not the only noticeable Bitcoin transfers of the day, as two other transactions worth 1,593 BTC and 1,797 BTC also took place. 1797 BTC was transferred from Bittrex to an unknown wallet. The transaction had a hash of 2e2cd86a413b7dfb55e35725de2e7b8b5fd97c8c4f32f1906b16c78083f079f3, with the Bittrex account and the receiving wallet both having multiple addresses. The total transfer was completed in 7 drops, with the address 3Q81VwHspGzRbDLWAUuWajuDVTpyvA42BZ receiving a majority of the BTC.
Bitfinex was brought into the picture as the 1,593 BTC transfer occurred from a Bitfinex account to an unknown wallet. The transfer amounted to a total of $12.449 million. The spotlight was on Bitcoin previously when an analysis revealed that the ‘king coin’ was the least volatile top cryptocurrency in the market right now. The analysis read,
“$BTC significantly less volatile than all other cryptoassets & 2nd best performer -> safe haven within asset class during bear markets. “Flight-to-safety” provides buy support, reduces vol.”
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