A prominent Bitcoin whale, a term used for an individual or entity holding a substantial amount of the digital currency, has carried out a substantial transaction, sparking intrigue and speculation.
In this recent event, the Bitcoin whale executed a substantial transfer of 5,140 BTC, which amounts to a staggering $134 million.
This movement was tracked and reported by the crypto-tracking platform Whale Alert. The transfer took place from the Dubai-based cryptocurrency exchange Bybit to an undisclosed wallet address.
The timing of this noteworthy transfer coincides with data shared by the crypto analytics firm Santiment. Their research reveals a compelling trend: Bitcoin reserves on exchanges have reached a six-year low.
Moreover, the analytics firm’s data illustrates that affluent Bitcoin traders are engaging in significant weekly transactions. On average, these transactions involve 57,400 BTC each, surpassing a value of $100,000 per transaction.
Santiment further explains that a mere 5.8% of the total Bitcoin supply is currently held on exchanges. This marks the lowest level recorded since December 17, 2017, indicating a broader shift in the behavior of Bitcoin holders.
The transaction involving the Bitcoin whale is not an isolated incident. Other substantial transfers have also taken place in the cryptocurrency landscape.
Notable among them is the transfer of 2,910 BTC worth $76,010,381 from an unidentified wallet to the U.S.-based crypto exchange Coinbase.
Additionally, the movement of 4,000 BTC worth $106,039,171 from the crypto exchange Bitfinex to an undisclosed wallet address stands out.
The list continues with transfers of 1,414 BTC worth $37,446,124 from the crypto exchange Gemini to an unknown wallet, and 1,162 BTC worth $30,066,143 from Binance to another undisclosed wallet.