Over $1 billion worth of BTC has been moved from exchanges into unknown wallets in the last 24 hours. Are institutions buying the Bitcoin dip?
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The blockchain tracking Telegram channel ‘Whale Alert’ alerted users to big moves in the Bitcoin market. According to the channel, 35,237 Bitcoin worth, around $1.36 Billion, moved from Coinbase to unknown wallets. Moreover, it happened in the last 24 hours in less than 10 trades!
As you can see from this screenshot of the channel some of the transactions were enormous. The biggest single transfer was a purchase of 9,901 BTC worth just under $400 million.
Bitcoin investor Lark Davis reacted to the trades on Twitter stating: “3 transactions like this one happened a few hours ago on Coinbase. Over a billion in #bitcoin moved off-exchange. Could be internal transfers. Could be a new mega entrant to the market. Either way that is a s**t ton of BTC!!!!”
As you can see from Larkin’s reaction these transactions belong to big players in the crypto game better known as ‘whales’. They’ve got the community wondering whether big financial institutions are behind the trades. But why does this matter?
The reason institutional investment into BTC and other cryptocurrencies is so important is that these organizations have huge amounts of capital at their disposal. This means when they buy, they buy big.
We can’t know for sure who was behind the trades but what we can do is keep an eye out for big trades like these in the future. If you want to keep up to date with the biggest crypto trades, you should sign up for Whale Alert using this link to their Telegram channel.
The fact that hundreds of millions of dollars are being pumped into Bitcoin in single trades shows how far this revolutionary project has gone since its inception in 2009. On that note, let’s take a brief look at the project’s history as well as examine its recent price action.
The Short Version of Bitcoin’s Story
Bitcoin is a cryptocurrency payment network created by a person or persons under the now-famous pseudonym Satoshi Nakamoto. The network went live in 2009 with the goal of replacing the traditional fiat-based financial system.
Bitcoin is built on a distributed ledger, called the blockchain, where transactions are recorded in blocks and added to the chain by miners. BTC introduced the world to a new payment system that was fast, borderless, and decentralized.
Price History Of BTC
For many years after its launch, the community ignored BTC. Thus, a lack of adoption meant its price didn’t see much growth.
However, BTC slowly started gaining traction. In 2017 it experienced its first bull run during which a single token broke above the $10,000 mark for the first time. Furthermore, it almost hit $20,000 in December that year.
A slump followed the 2017 breakout and Bitcoin remained below its all-time high until a new bull run began in late 2020.
BTC’s price skyrocketed from around $10,000 in September 2020 to just under $60,000 by April 2021.
A short-term slump down to $35,000 followed BTC’s bull run before another rally. This one saw Bitcoin hit its all-time high of $69,000 in November 2021.
BTC has been in a downtrend since it started dropping last November and currently, it’s sitting at $39,000, according to CoinGecko.
If you think another bull run is on the way and you’re thinking about adding some BTC to your portfolio check out Swapzone crypto exchange service.
Exchange BTC On Swapzone
If you’re looking to trade crypto tokens like ETH, SOL, and USDC for BTC then Swapzone is the perfect platform for you.
Swapzone compares the best exchange rates, transaction speeds, and reviews to find you the best exchange deal. You can swap dozens of cryptos using the site’s smooth interface which provides you with an estimated exchange rate before you commit to the swap.
For example, to swap SOL for BTC follow these simple steps:
- Visit the Swapzone BTC exchange page by pressing on this link.
- Select SOL under ‘You Send’ and BTC under ‘You Get’.
- Press the exchange button
- Fill out the wallet address and e-mail (optional) and use the generated address to send the deposit.
- Press proceed to exchange.
- Wait for the BTC exchange to complete and leave an honest review!
Congrats you’ve added some BTC to your wallet at the best market rate!