TL;DR Breakdown:
- A Bitcoin whale just paid $1 to transfer about $900 million in BTC. This is uncommon with fiat and gold.
- Bitcoin is currently down by 7.5% to $60,357, according to CoinMarketCap.
Hours leading to the time of publication, Whale Alert spotted a series of transfers from a Bitcoin whale initially involving a total of 15,078 BTC – an equivalent of $910 million. Although this happened when Bitcoin and other cryptocurrencies corrected, it doesn’t seemingly depict a dump from the whale, given the coins were moved from “unknown wallet to unknown wallet.”
Bitcoin whale 15,078 BTC to new wallet
The current address holding the coins also seems to be a new wallet, as Whale Alert noted that it has only transacted once, which is the 15,077.47360231 BTC it received hours ago worth $889.2 million during the time. What’s more interesting is the 0.00001680 BTC or $1.01 fee paid by the Bitcoin whale to move the funds.
Such a development is uncommon when using a traditional payment channel; needless to mention that it will require different authorization to transfer that amount with banking institutions.
Why is Bitcoin dropping?
Since Tuesday, the leading cryptocurrency has lost about seven percent of its value, according to CoinMarketCap. During the time of writing, Bitcoin was trading at $60,357 with a total capitalization of $1.14 trillion. Some people think the downtrend in the market was triggered by the fear that the United States will soon weigh down on the crypto market with the Infrastructure Bill.
Others believe the drop in the market was triggered by greed and excessive optimism.
One bullish metric to hold is the declining exchange balance. Arcane Research recently shared that Bitcoin exchange balances are still declining.
