Bitcoin whales move almost $500M worth of BTC

TL;DR Breakdown

• Bitcoin whale activity has increased since the year began
• The value of the crypto asset has also continued to grow all year

After the price of Bitcoin reached $40,000, there were three transactions involving the movement of over 12,000 BTC by unidentified traders on the platform. This was made known by Whale Alert, a crypto analytics system.

According to data made available from the alert, there has been an increase in anonymous Bitcoin whales activity in recent times. Since the beginning of the year, there has been a massive rise, which could largely be due to BTC consistently beating its own all-time high records.

It was made known that immediately after the price of the asset reached $40k, a trader transferred 4892 BTC before the transfer of 4306 BTC and 3400 BTC. All of this was done in the space of a day, and the transactions were worth almost $500 million. The transactions were carried out using unknown wallets.

Just before the asset’s price crashed, another trader had carried out a transaction involving over 9000 BTC in one swoop. The rate of these anonymous transactions has prompted financial authorities worldwide to try to put a leash on the number of transactions.

Through FinCEN and other agencies, authorities in the United States are already mandating exchanges to start verifying the identities of crypto wallet owners, especially those who carry out transactions worth over $3000.

Bitcoin price rise continues 

Since the beginning of 2021, Bitcoin price has continued to grow immensely. The coin’s bull run, which began around the end of last year looks like it is not stopping anytime soon.

Bitcoin’s rally has also affected the crypto industry generally. Crypto assets like Ethereum, Stellar XLM, Ripple XRP, Litecoin, Bitcoin Cash and the rest of them have also seen an increase in their value.

The crypto industry run has been tied to the current massive institutional adoption of the asset.