Bitcoin whales are moving Bitcoin in large amounts in the midst of price volatility and bullish rush; the King of Crypto remains at the $60,000 level.
According to data from BtcBlockBot, an anonymous crypto user (believed to be CoinBase.com) has moved 11,901 BTC ($714 million) in block 678,688.
Research by Nairametrics shows that there is an increase in unknown crypto transactions that involve BTC, ETH, and other major crypto assets at levels that were never seen before. This would indicate that a growing number of institutional players are stepping into the game.
Currently, Bitcoin is being traded at $60,514.60 and has a daily trading volume of $45.5 billion. The currency is down 0.04% for the day.
Wealthy investors that are cutting down their crypto exposure in order to rebalance their portfolios can lead to the prices experiencing high swings, even more so when there are also cascading liquidations.
But data from Glassnode contradicts this, as it shows that entities are rather holding Bitcoin, not selling. This is further proved by the fact that Bitcoin balance on Crypto Exchanges has reached a 2-year low of 2,337,271.262 BTC.
A previous 2-year low of 2,338,724.621 BTC was registered just a couple of days ago, on April 8th.