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Bitcoin Wallets transfer 7,062 BTC from Coinbase

CoinBASE

July 6, 2021

Reading Time: 2 minutes

Bitcoin whale addresses recently transferred over 7,000 BTC from Coinbase to crypto wallets in two consecutive transactions. The entire transaction value is now approximately $235 million.

On Thursday, July 1, 2021, crypto analytics and blockchain monitoring site Whale Alert reported a movement of 3,574 Bitcoin from crypto exchange Coinbase to a digital wallet. On the same day, a crypto whale account transferred 3,488 BTC from Coinbase to an unidentified digital wallet.

Bank Account Alternative. Business Account IBAN

The Bitcoin network saw a spike in BTC whale transactions last week due to price volatility. On June 29, 2021, a prominent Bitcoin account transferred 6,713 bitcoin from a crypto wallet to Xapo. The deal was worth approximately $230 million in total.

Along with the recent rise in big transactions, Bitcoin whales have increased their BTC acquisition. According to the most recent statistics from on-chain monitoring company Santiment, big Bitcoin addresses began July with over 60,000 BTC accumulated.

Bitcoin whale addresses owning between 100 and 10k BTC started July with a 60k BTC accumulation, the biggest daily surge of 2021, according to Santiment. After owning 100k fewer BTC only six weeks ago, these addresses now possess 9.12 million coins.

The most recent BTC whale transfers occurred after the Bitcoin exchange supply ratio fell dramatically in recent weeks.

Bitcoin Price Action

During the Asian session on Monday, the world’s biggest cryptocurrency fell below $35,000. With a market capitalization of more than $640 billion, BTC is presently trading around $34,000. In contrast to Bitcoin’s recent price movement, ETH has acquired a significant amount of value in the past seven days. According to Coinmarketcap statistics, Ethereum is still the best-performing cryptocurrency among the top five, gaining almost 15% in the past week.

As markets continue to show indications of heating up again, Santiment noted that Bitcoin is back over $35k, Ethereum is back above $2,350. Altcoins such as COMP, GRT, and SNX have had excellent 24-hour rebounds.

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