On-chain analytics firm Santiment reports that a whale address was the recipient of a 23,500 BTC transaction worth over $710 million. This was the fourth largest recorded transfer of the year, according to Santiment.
🐳 A whale address was the recipient of a 23,500 $BTC transaction, worth ~$710M. This was the 4th largest recorded transfer of the year. With $30k now breached, large moves like this should be increasingly common as the crowd polarizes. https://t.co/QjkbAqGXYj pic.twitter.com/JaymbhvORL— Santiment (@santimentfeed) April 12, 2023
According to the on-chain analytics tool, now that the $30K Bitcoin price mark has been crossed, large moves like these should become more frequent as the crowd polarizes.
On April 11, Bitcoin surpassed $30,000 for the first time since June, bolstered by bets on looser monetary policies that have helped cryptocurrencies perform exceptionally well this year.
Some groups of investors being drawn to crypto as an asset outside of traditional banking and finance may have contributed to this increase in part.
The rally subsided as Bitcoin (BTC) fell below the critical $30,000 threshold early Wednesday. The market capitalization has dropped 1.29% during the last 24 hours. Traders likely garnered profits ahead of the release of the U.S. Consumer Price Index (CPI) for March.
At the time of writing, Bitcoin was down just 0.45%, trading at $30,011. Analysts also drew attention to the persistently low liquidity that bears claim distorts pricing and may trigger an immediate reversal if central banks persevere in fighting inflation.
Investors will be watching closely for fresh clues about the Fed's monetary policy in Wednesday's CPI data, Thursday's FOMC Minutes and PPI inflation data, and Friday's sales and consumer sentiment data.
Crypto analyst Ali reports that the Bitcoin network has reached a record high of 512,000 new addresses, which is a promising sign. He observes that growing user adoption of Bitcoin may indicate future price increases.