The total transfer worth about $230 million.
The recent volatility surrounding the leading crypto has seen large BTC addresses activities once more. Whale Alert reported a BTC whale account that sent 6,713 Bitcoin to Xapo from a cryptocurrency wallet.
According to the source, the account executed the transaction on Tuesday (yesterday). The total Bitcoin transferred worth about $230 million. Keep in mind that this comes around four weeks after a given Bitcoin account sent 4,997 coins to Bitfinex, a crypto exchange, from a trading wallet.
Today, on-chain analytic company Santiment stated that Bitcoin experienced a massive bearish outlook on various platforms such as Twitter. That came after the leading coin by value spiked over $36K on Tuesday. Generally, such a notable crowd FUD can translate to lower-risk crypto opportunities to take advantage of as traders wait for lower prices.
The last few weeks have had Bitcoin’s Institutional inflows, trading volumes, and mining revenues dropping significantly. In a recent report by Glassnode, the experts noted that BTC holders seem to capitulate on the lows gain as the leading asset experiences mining hash-power declines. Keep in mind that the market sees the highest mining hardware migration in cryptocurrency history. You probably know the losses that BTC investors incurred since the crash.
Keep in mind that BTC active addresses were on their lowest mark in a year early this month. However, BTC whales stayed active regardless of the latest drop in the Bitcoin network. Besides the recent 6,713 BTC transfers, another leading Bitcoin wallet transferred 750 coins, valuing $25 million, to a cryptocurrency exchange from Xapo. The investor executed the transfer on June 28.
BTC Wave Count
For now, the leading crypto does not indicate a clear wave count as far as the long-term forecast is concerned.
As much as BTC has been on a drop-trend since April 14, you cannot tell whether the losing trend seized on June 22 (green icon) or the asset remains in its final bearish wave impulse (black count).
If you want to invest in BTC now, beware of the bearish sentiments in the market. The crypto might saw more price drops.