Data shared by analytics vendor IntoTheBlock shows a surge in large daily Bitcoin transfers (carrying more than $100,000 worth of BTC).
Meanwhile, a chart provided by Glassnode shows that crypto whales continue to acquire BTC on the dip.
260,000 BTC moved daily this week
According to a chart by IntoTheBlock, this week, massive amounts of Bitcoin have been transferred daily as Bitcoin rose to reach the $40,000 level.
This week, the amount of daily Bitcoin transfers has hit 260,000 Bitcoins for the first time since May 19—that is the equivalent of a whopping $10,086,154,000.
The analyst team pointed out that this metric is indicative of the number of Bitcoin whales.
As #Bitcoin soared to $40k this week, we spotted a significant increase in the number of large transactions (>$100k)July 30, 2021
This week, the number of these daily transactions reached 260k, the first time since May 19.
This indicator acts as a proxy to the number of whales. pic.twitter.com/pqZjC1BSUi
Crypto whales are buying the dip
An analytics chart shared by prominent Bitcoin Twitter account @BTC_Archive shows a sharp rise of Bitcoin transactions made by over-the-counter (OTC) desks.
The chart is provided by Glassnode data vendor, and the Twitter user commented that this is likely to be whales accumulating the flagship cryptocurrency on the dip and moving it off to cold storage vaults.
Bitcoin drops on the news of Binance
As reported earlier, today the largest crypto trading venue, Binance, stated that it will cease providing trading services related to crypto futures contracts and other crypto derivatives in Europe.
The three countries this action will touch first will be Germany, the Netherlands and Italy.
This news was the likely cause making Bitcoin go down by over three percent, dropping to the $38,400 zone.
By now, it has restored to the $38,871 level, as per data shared by CoinMarketCap.