Huge Stash of Bitcoins Worth $634mln Moved By Crypto Whales

One among the top four Bitcoin wallets with highest holdings is seeing a lot of activity. To the surprise of traders Bitcoin worth $634 million BTC was moved in about two minutes, raising eye brows of crypto traders. BTC Block Bot, which tracks crypto movements, spotted the huge volume of Bitcoin being moved.

As per Whale Alert, Coinbase and Binance cryptocurrency exchanges own those addresses involved in the transfer. Crypto traders are puzzled about the reason for moving the same quantity of BTC from both exchanges and at almost at the same time.

As per latest info from on-chain market intelligence company Glassnode, the count of high net-worth individuals stepping into the crypto domain is on the rise.

“The number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months. An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of BTC price appreciation.”

The company states that in spite of a couple of glitches, cryptocurrency investors seem to be buying BTC at a quicker pace. Health of Bitcoin’s blockchain network and liquidity is recording robust growth, and bullish view is spreading among traders.

“Meanwhile, long-term hodlers can remain confident in the strength of bitcoin’s underlying fundamentals, while simultaneously looking out for good buying opportunities in the coming days and weeks.”