Bitcoin touched $40,800 today, its highest level in more than six weeks. Due to the latest jump in the price of BTC, crypto whales have started moving their digital assets from leading exchanges to unknown wallets.
Whale Alert, a leading blockchain tracking platform, highlighted the movement of 30,640 BTC from cryptocurrency exchange Coinbase to digital wallets. In three separate transactions, Bitcoin whales moved over $1 billion worth of cryptocurrency.
According to Whale Alert, a leading BTC wallet moved 10,210 BTC from Coinbase on 28 July at 9:05 UTC. Another transfer including 10,209 Bitcoin was highlighted by the blockchain tracking firm a few seconds later. In the third transaction, a Bitcoin address moved 10,219.4 BTC from Coinbase to an unknown wallet.
“$1.3 billion Bitcoin outflow from Coinbase,” Joseph Young, a crypto analyst and investor, recently mentioned in a tweet.
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Due to the latest bullish sentiment in Bitcoin and other cryptocurrency assets, activity across leading crypto addresses has increased rapidly. Yesterday, Whale Alert highlighted the movement of 9,500 BTC worth over $350 million to an unknown digital wallet.
Bitcoin’s Institutional Demand
Despite the recent surge in retail demand for Bitcoin, the world’s largest cryptocurrency saw a dip in institutional inflows. According to the latest digital asset fund flows report published by CoinShares, one of the largest crypto asset management firms, BTC investment products saw $24 million worth of outflows last week. “Bitcoin saw the majority of the outflows which totaled US$24m, the largest outflows since mid June. Net flows year to date remain positive with inflows of US$4.1bn, but they are off their peak of US$4.7bn seen in early May,” CoinShares mentioned in the weekly digital asset fund flows report.
During a recent interview with CNBC, Nikolaos Panigirtzoglou, JPMorgan’s global market strategist, said that the institutional interest in Bitcoin and other cryptocurrency assets has dried up. He mentioned that the volatility in BTC will normalize in the coming weeks.