According to Whale Alert, about 7,000 Bitcoin have been converted into blocks of 1,000 BTC, 1,000 BTC, and 6,000 BTC.
8,000 Bitcoin on the move
Associated with an anon crypto address and wallets Gemini and Coinbase. The amount of Bitcoin transferred is equivalent to $383 million. This comes sometime after the leading digital coin peaked, topping $48,000.
Whale Alert has spotted three crypto transfers worth 6,000, 1,000, and 1,000 BTC slightly over three hours ago. Two 1,000 BTC lumps were moved from a wallet tagged as “unknown” to the Winklevoss-owned Gemini exchange.
Later, 6,000 Bitcoins worth $286,850,617 were transferred from Gemini to Coinbase. Sometime later, the same amount of BTC left Coinbase, moving to an anonymous crypto address.
On March 28, leading cryptocurrency Bitcoin managed to reclaim $48,000 for the first time since January. Now, however, Bitcoin has rallied again, hitting $47,772.
#Bitcoin illiquid supply is going parabolic.
Supply shock incoming! pic.twitter.com/rL2Uhzxihh— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 29, 2022
As the price rises, Glassnode has reported that the supply of illiquid BTC is spiked as investors move Bitcoin to cold wallets and custodial addresses for long-term storage.
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