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11,358 Bitcoin (BTC) Moved in One Hour – What's Happening Here?

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Wed, 19/06/2024 - 14:51
11,358 Bitcoin (BTC) Moved in One Hour – What's Happening Here?
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Whale Alert, a popular blockchain tracker that traces large cryptocurrency transactions, spotted several consecutive Bitcoin transfers earlier today. These transactions moved close to a whopping billion U.S. dollars within just a single hour.

This happened as Bitcoin rebounded after its 4% decline on Tuesday.

11,358 Bitcoin on move

The aforementioned blockchain tracker detected three consecutive transactions, which transferred 11,358 BTC in total – the equivalent of more than $743 million.

These transactions carried 6,499; 2,359 and 2,500 Bitcoins. Just the first transfer alone was worth almost half a billion U.S. dollars.

These mammoth transactions took place between unknown blockchain addresses. The amounts of 6,499 BTC and 2,359 BTC were transferred from the same wallet, -vtv93w.

Bitcoin recovers from recent drop on fourth day of Bitcoin ETF outflows

On Tuesday, the world’s flagship cryptocurrency, Bitcoin, sent ripples through the crypto market by falling 4.05% as the price went down to the $64,360 zone.

Since then, over the last 24 hours, BTC has printed a recovery, striving to break above $65,590. However, it was pushed back from this resistance level and is currently trading at $65,148.

Among the multiple factors that have caused Bitcoin to drop once again was the fact of spot Bitcoin ETFs seeing zero inflows on June 18. Grayscale Bitcoin Trust saw a major outflow of $62.3 million, which was surpassed only by Fidelity’s ETF seeing $83 million in BTC getting withdrawn from it.

It was the fourth consecutive day of outflows, according to the @spotonchain analytics platform on X.

Related

Samson Mow predicts Bitcoin hitting $1.0 million

Earlier this week, vocal Bitcoiner Samson Mow doubled down on his multiple $1 million Bitcoin predictions made earlier this year.

The CEO of Jan3, Mow tweeted that he is certain the leading digital currency is going to hit $1 million. The question is, though, when and how rapidly. In his earlier tweets, Mow cited daily inflows into the spot Bitcoin ETFs and the Bitcoin halving in April as key triggers for BTC to reach this jaw-dropping price level in the future.

However, recently, he also tweeted that the absence of “Godzilla candles” for BTC means that the odds of seeing an “Omega candle” are rising dramatically. He even expects that Bitcoin may suddenly jump from $70,000 to $200,000 within one night.

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