Mysterious Bitcoin Whale Abruptly Moves Over Whopping $134 Million In BTC

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Zinger Key Points

• The funds were moved from the Dubai-centric cryptocurrency exchange Bybit to an unidentified wallet.
• At the time of writing, Bitcoin was trading at $26,128.80, up by just one percent in the last seven days. 

A prominent Bitcoin BTC/USD whale stirred intrigue after executing a significant transaction involving the premier digital currency.

What Happened: According to data from the crypto-tracking platform Whale Alert, the influential Bitcoin entity moved a staggering 5,140 BTC, valued at approximately $134 million.

The funds were moved from the Dubai-centric cryptocurrency exchange Bybit to an unidentified wallet.

Such a substantial transfer is noteworthy, especially when considered alongside data from the crypto analytics firm Santiment.

The firm's findings reveal that Bitcoin reserves on exchanges have dwindled to a six-year low. Furthermore, Santiment's data underscores that affluent Bitcoin traders are now averaging weekly transactions of 57,400 BTC, with each exceeding $100,000 in value.

Also Read: Ex-Morgan Stanley Tech Director Believes Crypto Represents Long-Term Growth Opportunity

Elaborating on the prevailing trend, Santiment posted on X saying that just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level the crypto’s top market cap asset has seen since December 17, 2017.

According to Whale Alert, other notable transactions include the transfer of 2,910 BTC worth $76,010,381 from an unknown wallet to the U.S.—based crypto exchange Coinbase; the transfer of 4,000 BTC worth $106,039,171 from crypto exchange Bitfinex to an unknown wallet; the transfer of 1,414 BTC worth $37,446,124 from crypto exchange Gemini to an unknown wallet; and the transfer of 1,162 BTC worth $30,066,143 from Binance to an unknown wallet.

At the time of writing, Bitcoin was trading at $26,128.80, up by just one percent in the last seven days. 

Now Read: Crypto Analyst Confident About Bitcoin's Surge, But There's A Catch

Photo: Shutterstock

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