Whale Watching: Surge in Bitcoin price sees over $200m in BTC transferred

05 Apr, 2019 | Updated: 05 Apr, 2019
News
Whale Watching: Surge in Bitcoin price sees over $200m in BTC transferred

This week saw massive price action in the market, with BTC seeing a huge rally to over $5,000 as the market saw its highest trading volume in history touch over $80 billion. No wonder huge whale moves were seen this week as BTC dominated the whale watch list as well as the price action. 

Bitcoin saw its first major rally in 2019, climbing over $1,000 in the space of hours. The influx of trading movement to BTC was clearly evident as volume and market capitalization both saw new heights in 2019.

BTC whale moves dominated this week claiming four of the top five spots. Ironically, top spot went to a XRP transaction to the tune of $110 million. Overall the four BTC transactions accounted for $200m, seeing 41,224 BTC being sent.

Read more: The 10 largest Bitcoin whale movements in history: from 66K to 500K (!) BTC

Most interestingly, is that three of the four BTC transactions saw BTC being moved out of exchange wallets and into unknown wallets, perhaps a sign that large investors were buying and moving to cold storage as BTC was rallying to new 2019 highs. What is also noticeable about the top whale moves this week, is that they all occurred on the day of the BTC rally or after, no major whale moves compared in size before BTC rallied on April 2.

Blockchain expert Julian Hosp echoes this sentiment in a tweet, after looking at some of the recent transactions being sent out by exchanges, stating "This would underscore the theory I discussed in my latest video of large buying at key technical levels"

 Read more: If I'm not a Bitcoin whale, then what am I?

TOP 5 LARGEST WHALE MOVEMENTS:

All-in-all, this week saw over $312 million transferred for a total transaction fee of $19.06

5. 9,473 #BTC (46,853,393 USD) transferred from #Bitfinex to unknown wallet - 4 April

Tx Cost: $4.66


4. 9,974 #BTC (50,632,982 USD) transferred from Unknown wallet to Unknown wallet - 3 April

Tx Cost: $2.68

3. 10,889 #BTC (51,557,115 USD) transferred from #Binance to Unknown wallet - 2 April

Tx Cost: $7.00

2. 10,888 #BTC (51,858,474 USD) transferred from #Binance to Unknown wallet - 2 April

Tx Cost: $4.72

1.  300,000,000 #XRP (110,737,869 USD) transferred from Ripple Escrow wallet to Unknown wallet - 3 April

Tx Cost: $0.00018

 Read more: XRP for the banks: will the large ones ever use the Ripple token?

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