Fun

Bitcoin whale transactions hit highest level in 4 months amid crypto dip

News Feed - 2024-08-08 12:08:15

Martin Young5 hours agoBitcoin whale transactions hit highest level in 4 months amid crypto dipSantiment found that wallets holding between 10 and 1,000 BTC “rapidly accumulated” as Bitcoin fell under $50,000 during “Crypto Black Monday.”2968 Total views49 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin whale transactions hit their highest levels since April during an outsized crypto market rout on Aug. 5 and 6, according to onchain data.


In an X post on Aug. 8, onchain analytics platform Santiment revealed wallets with total holdings between 10 and 1,000 Bitcoin (BTC) “rapidly accumulated on the price dip that saw crypto’s top asset fall below $50,000.”


According to Santiment, on the two dates, there were 28,319 BTC transactions worth more than $100,000 and 5,738 transactions worth more than $1 million as crypto prices tanked.


Bitcoin shed around 18% on Aug. 5, plunging from just over $60,000 to below $50,000 in less than a day. However, it has since recovered slightly to reclaim the $57,000 level following the bout of dip buying.Bitcoin whale transactions. Source: Santiment


On Aug. 7, Cointelegraph reported that Bitcoin whales had scooped up almost $23 billion worth of the asset over the last 30 days, with activity peaking during the market crash.


“It’s clearly accumulation,” said CryptoQuant founder and CEO Ki Young Ju, who reported that more than 400,000 BTC had moved to permanent holder addresses since early July.


He also said that whales holding BTC for more than three years sold their holdings to new whales between March and June but added, “There is no significant selling pressure from old whales at this time.”


On Aug. 3, days before the big slump, Cointelegraph reported that whales were already moving Bitcoin off exchanges at the highest rate in nine years. Bitcoin whales with at least a thousand coins have moved the most BTC out of exchanges since 2015, according to the report.


Related:‘Something is happening’ — Bitcoin hodlers scooped $23B in the past 30 days


However, the same cannot be said for investors in United States-based spot Bitcoin exchange-traded funds, which saw aggregate outflows of $554 million between Aug. 2 and 6, according to Farside Investors.


“The absence of [ETF] buyers during this dip is alarming and raises concerns about the market’s direction,” noted market research firm 10x Research on Aug. 8.


Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina# Bitcoin# Transactions# Exchanges# WhaleAdd reaction

News Feed

Van Eck heir to launch new USD stablecoin with $12M VC backing
Brayden Lindrea5 hours agoVan Eck heir to launch new USD stablecoin with $12M VC backingThe Agora digital dollar won’t be available in the United States until comprehensive legislation has been passed, said Nick van Ec
Turner Wright9 hours agoJury hears Sam Bankman-Fried’s testimony: ‘A lot of people got hurt’The former FTX CEO returned to the witness stand to present his testimony to a jury of 12 people as the criminal trial beg
Hive Digital sales up 36% as Bitcoin miner forays into AI compute
Alex O’Donnell8 hours agoHive Digital sales up 36% as Bitcoin miner forays into AI computeHive"s new high-performance computing platform clocked around $2.6 million in sales in the second quarter of 2024.1111 Total vie
Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners
Zoltan Vardai4 hours agoBitcoin ETFs legitimized the crypto industry for investors — Storm PartnersThe approval of the Bitcoin ETFs has offered investors a welcome sign of relief beyond the first publicly traded Bitcoi
India to Introduce Measures Around Crypto This Year, Says Government Official
India to Introduce Measures Around Crypto This Year, Says Government Official The Indian government is planning to introduce “measures around crypto” this year, accordi
Goldman Sachs Calls Bitcoin ‘the Retail Inflation Hedge’ That’s Not a Threat to Gold
Goldman Sachs Calls Bitcoin "the Retail Inflation Hedge" That"s Not a Threat to Gold Goldman Sachs’ head of commodities research calls bitcoin “the r
Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High
Meme Coin Economy Swells by $5.8 Billion in Less Than a Month, Suggesting Demand for Meme Tokens Still High The meme coin economy has grown significantly over the past 27 days, inc
Biggest Movers: DOGE Down 8% as Twitter Removes Logo
Biggest Movers: DOGE Down 8% as Twitter Removes Logo Dogecoin was once again in the red on Friday, as Twitter finally removed the doge icon as its logo. The meme coin raced to a f
While the FTX Co-Founder Claims He ‘Wasn’t Running Alameda,’ SBF Is Asked Why He Threw Caroline Ellison ‘Under the Bus’
While the FTX Co-Founder Claims He "Wasn’t Running Alameda," SBF Is Asked Why He Threw Caroline Ellison "Under the Bus" While the former FTX CEO Sam Bankman-Fried (SBF) has done
Felix Ng3 hours agoAI will reinvent DAOs and tokenized models will be valuable: Vance SpencerFramework Ventures co-founder Vance Spencer sees AI as being the missing piece for DAOs and shared his outlook for the tokeniza
Rachel Wolfson9 hours agoUS law protects institutions and exposes retail investors — Rep. TorresNew York Representative Ritchie Torres had an exclusive interview with Cointelegraph to discuss why retail investors are s
Bitcoin Price At $245,000? Here’s When You Should Be Expecting It
Este artículo también está disponible en español. Considering Bitcoin’s steady bullish momentumfollowing Donald Trump’s win in the US Presidential elections, a crypto