Half Billion in Bitcoin Purchased in Single Day, Here's Monster That Did It

Unknown entities scooped up close to half a billion US dollars in Bitcoin on Monday

Tue, 25/06/2024 - 15:08

Half Billion in Bitcoin Purchased in Single Day, Here's Monster That Did It

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IntoTheBlock on-chain data aggregator has reported that while the cryptocurrency market has been hit by massive FUD, the largest Bitcoin whales continue to accumulate the world’s flagship digital currency no matter what.

This has happened while other large whales are dumping large amounts of BTC.

Largest whales scoop up half billion in Bitcoin

According to a recent statement made by IntoTheBlock, the number of Bitcoin’s largest wallets has surged to the highest peak since May this year. These wallets in total hold 0.1% of the total Bitcoin supply. On Monday, they accumulated another 7,130 BTC, which is worth $436 million.

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Despite market FUD, the net inflow to Bitcoin's largest wallets reached its highest level since late May.

Holders controlling at least 0.1% of the total BTC supply added 7,130 #BTC, valued at approximately $436 million, to their wallets yesterday alone. pic.twitter.com/elMilAgK58
— IntoTheBlock (@intotheblock) June 25, 2024

That is not the only recent large Bitcoin purchase they made. As reported by Akrham, the German government continues to sell BTC. Earlier today, this entity transferred 400 Bitcoins to major cryptocurrency trading platforms Coinbase and Kraken. This amount of BTC is evaluated at roughly $24.34 million.

However, the first transfer to exchanges took place last week, when the German government sent an impressive 1,700 BTC to Coinbase, Bitstamp and Kraken.

Tue, 06/25/2024 - 06:37

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Bitcoin plunges below $60,000

On Monday, the world’s leading digital currency astonished the market when it suddenly took a major dive, plunging from $62,680 to the $59,220 zone. This was the peak of massive outflows that were recorded from Bitcoin over the last week. According to a recent CoinShares report, a whopping $630 million were withdrawn from BTC.

Today, Bitcoin has made a successful attempt to regain some of its losses and recovered to $61,152, where it is changing hands at the time of this writing.

#Bitcoin #Cryptocurrency Whales

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.