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Number of Large Daily Bitcoin Transfers Soars as Whales Keep Buying the Dip

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Fri, 07/30/2021 - 11:34
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Yuri Molchan
Data shared by two analytics data companies shows a rise in massive Bitcoin transfers as whales are acquiring BTC on the dip
Number of Large Daily Bitcoin Transfers Soars as Whales Keep Buying the Dip
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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 19β€”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.

Related
Bitcoin Dips to $38,500: Possible Reasons

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.

Related
Binance to Stop Offering Crypto Futures and Derivatives In European Countries

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. β€˜Hodls’ major cryptocurrencies and 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.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.