The overall market cap of Bitcoin on Tuesday fall below $800 billion, for the first time in around 4 weeks. Following this decline, the crypto whales also decided to move the BTC, they owned, from their crypto wallets.
On Monday, Bitcoin Whale used Xapo to transfer over $86 million worth of BTC to an unknown digital wallet, informed the leading blockchain tracking and analytics platform Whale Alert.
The recent BTC transfer came after Bitcoin’s price correction on Monday liquidated $220 million worth of long BTC trading positions.
Along with the market correction, the crypto exchanges experienced a significant surge in Bitcoin inflow. During this time, the whale accounts moved a large amount of BTC from their wallets to the crypto exchanges.
“Bitcoin has fallen -12.7% the past three days as traders polarize. An increase in exchange inflow was picked up by our data during the course of the biggest portion of the drop that happened on Monday,” Santiment mentioned.
According to the report, one of the leading crypto whale accounts has recently transferred 600 BTC worth $25 million from an unknown account to crypto.com.
The recent price action of Bitcoin is also affected by its overall network activity, which includes mining hash rate and revenues. A week ago, the value of mining hash rate and revenue of Bitcoin started recovering.
Glassnode recently published an on-chain analysis report, specifying, “In a continued display of network resilience, Bitcoin hash-rate has climbed again this week, reaching approximately 137 Exa hash on a 7-day MA basis. Given the total decline from the all-time-high represented around half the hash-power network, this 52% recovery means that less than a quarter of the peak network hash remains offline.”
It further added that compared to the earlier market cycle, the trend of HOLDing a large proportion of minted coins has increased, during 2020-2021.