Due to the impending Fed rate hike and other macroeconomic reasons, the largest cryptocurrency, Bitcoin, has failed to generate upward momentum. While this is going on, a whale tracker has seen multiple transactions that add up to a lot of Bitcoin Whales, which could only mean that whales, are buying the dip.
Exactly how many whales are there?
Over the past day, over $166,000 worth of Bitcoins have reportedly been moved from cryptocurrency exchanges to a number of untraceable wallets, as reported by Whale Alert. Totaling more than $3.12 billion, the sum of all the documented deals is substantial.
Most Bitcoin transfer reports involve amounts greater than 9,500 BTC. However, the Huobi Crypto exchange is where the vast bulk of whale trades originate. Simultaneously, a purchase totaling 4,131 BTC was made on the Coinbase cryptocurrency exchange.
However, in the last two hours, approximately 43,000 Bitcoins have reportedly migrated from the Huobi wallet to Binance, as reported by Wu Blockchain. The overall sum of the cash outflow is estimated to be around $820 million.
Bitcoin Whales Alert Update On Twitter
— Whale Alert (@whale_alert) September 22, 2022
Huobi sounds the alarm
Huobi has reacted to these really large trades. The article explained that the regular withdrawal behaviour of users was to blame for this irrational cash flow. It suggested that the issue could be a result of a mistake in the Whale Alert system.
However, another transaction involving the transfer of 99.99 million USDT to an unidentified wallet was also labelled as a whale Alert by the cryptocurrency exchange. Huobi stressed that they were private messages. The user’s withdrawal action initiated the event.
All of these deals are between Huobi addresses, as was stated. An inflow, rather than a discharge. Both the sender’s and the recipient’s owned addresses are revealed in these exchanges.
In the meantime, the value of a Bitcoin has risen by almost 2% in the last day. Bitcoin is currently selling at an average price of $19,133 as of press time. Its 24-hour trading volume increased by 50% to $50.99 billion.
It was noted earlier by Coingape that the worst of the Bitcoin Bear run is over.
Source: Google Trend