06-30-2022, 01:15 PM
Crypto Whale Transfers 7,750 Bitcoin from Coinbase to Gemini
<p>On 29 June, Bitcoin failed to stay above the price level of $20,000 after a drop of almost 4% in its value. However, crypto whales have accelerated the exchange movements during the recent market correction. Whale Alert’s data shows that a leading Bitcoin address moved almost $158 million worth of BTC from Coinbase to Gemini.</p><p>The transfer of 7,750 Bitcoin was executed on 29 June at 2:15 UTC. Approximately 20 minutes before the mentioned transfer, someone moved 4,619 BTC from an unknown wallet to Coinbase. Despite a dip in the overall supply of Bitcoin at exchanges, the latest crypto winter witnessed a boom in BTC exchange flows.</p><p>While Bitcoin has lost more than 70% of its value from the all-time highs in November 2021, the total number of BTC holders has jumped.</p><p> According to the recent data published by Glassnode, the number of BTC addresses holding at least 1 coin touched an all-time high of 873,043 on 28 June 2022, compared to almost 600,000 in 2018.</p>BTC’s Market Sentiment<p>Despite a rise in BTC holders and a jump in whale activity, the BTC market sentiment has turned negative. In its weekly on-chain analysis report, Glassnode noted that all macroeconomic indicators related to Bitcoin are likely to be put to the test in the coming months.</p><p>“Based on the current positioning of Bitcoin prices relative to historical floor models, the market is already at an extremely improbable level, with only 0.2% of trading days being in similar circumstances. Long-Term Holders have experienced a long-overdue, but seemingly classic capitulation in June, driven mostly by 2020-21 cycle investors. Almost all macro indicators for BTC, ranging from technical, to on-chain are at all-time lows, coincident with bear market floor formation in previous cycles. Many are trading at levels with just single-digit percentage points of prior history at similar levels,” Glassnode highlighted.</p>
This article was written by Bilal Jafar at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...to-gemini/
<p>On 29 June, Bitcoin failed to stay above the price level of $20,000 after a drop of almost 4% in its value. However, crypto whales have accelerated the exchange movements during the recent market correction. Whale Alert’s data shows that a leading Bitcoin address moved almost $158 million worth of BTC from Coinbase to Gemini.</p><p>The transfer of 7,750 Bitcoin was executed on 29 June at 2:15 UTC. Approximately 20 minutes before the mentioned transfer, someone moved 4,619 BTC from an unknown wallet to Coinbase. Despite a dip in the overall supply of Bitcoin at exchanges, the latest crypto winter witnessed a boom in BTC exchange flows.</p><p>While Bitcoin has lost more than 70% of its value from the all-time highs in November 2021, the total number of BTC holders has jumped.</p><p> According to the recent data published by Glassnode, the number of BTC addresses holding at least 1 coin touched an all-time high of 873,043 on 28 June 2022, compared to almost 600,000 in 2018.</p>BTC’s Market Sentiment<p>Despite a rise in BTC holders and a jump in whale activity, the BTC market sentiment has turned negative. In its weekly on-chain analysis report, Glassnode noted that all macroeconomic indicators related to Bitcoin are likely to be put to the test in the coming months.</p><p>“Based on the current positioning of Bitcoin prices relative to historical floor models, the market is already at an extremely improbable level, with only 0.2% of trading days being in similar circumstances. Long-Term Holders have experienced a long-overdue, but seemingly classic capitulation in June, driven mostly by 2020-21 cycle investors. Almost all macro indicators for BTC, ranging from technical, to on-chain are at all-time lows, coincident with bear market floor formation in previous cycles. Many are trading at levels with just single-digit percentage points of prior history at similar levels,” Glassnode highlighted.</p>
This article was written by Bilal Jafar at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...to-gemini/