Bitcoin has had a horrendous 24 hours, with the price tanking to well below $6,000 for the first time this year. The new all time low for 2018 has seen some rather large activity happening over the bitcoin blockchain today. Could this be a case of whales who "BTFD"?
Following twitter accounts @Whalewatchio shows some of the massive amounts being transferred in and out of wallets across the bitcoin blockchain today.
The Whalewatch.io twitter account is automatically run to keep track of "whales" moving funds, basically any amount that appears to be over 1,000 BTC. Activity appears to be extremely high today, following BTC's price drop to a new yearly low yesterday.
All the activity today so far surpasses $1 billion in bitcoin being transferred with one particular transaction totalling over $600M.
From the activity, it looks like transactions are coming into exchanges as well as going out, with roughly 76% of recorded transactions being outgoing transactions. The most notable outgoing transaction is the 109,234 BTC from the Binance wallet.
Another notable transaction was a $670M $BNB transfer headed for Binance
All in all it appears to be a busy day in the deep blue seas for crypto whales. Either the big boys are stocking up or dumping their supply, however with the noticable amount of outgoing exchange transactions, it would be safe to assume the whales are accumulating.