Whales Suddenly Move $655,000,000 in Bitcoin Amid Massive Crypto Market Surge

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Recent colossal Bitcoin (BTC) whale movements could be part of the reason why the crypto king is soaring, according to a leading analytics firm.

Yesterday, Santiment noticed that 11 different transfers of BTC with a total value of over $655 million took place as Bitcoin approached $30,000.

Big whale moves appeared on the Bitcoins network today as the price is now poised to break above $30,000 for the first time since June. A total of 11,22,000 distinct BTCs [11 separate 2,000 BTC transactions worth 22,000 BTC] (a total of $655 million) were moved in two concurrent batches.

Source: Santiment/Twitter

Digging deeper into whale activity in a blog post, Santiment says the massive whale movements may have provided a catalyst for Bitcoin’s explosive rally.

The first 11 of them were all identical in size at 2,000 BTC, and all went to brand new addresses

eight of them occurred simultaneously at 17:28 UTC. The other three occurred simultaneously at 6:25 p.m. This is definitely not normal behavior. And to give an idea of ​​the scale of these movements, a total of 22,000 BTC amounts to $655 million at the time of this writing.

While we can’t say for sure if these transactions matched for certain, we can see that there were large spikes in output at the time these two groups of transactions occurred, implying that these addresses went from existing addresses on exchange to new addresses off exchange. addresses.

Santiment also suggests that crowds are capable of continuing whale-triggered gatherings.

As to whether this rally can be crowd supported, it certainly seems so now based on trading volume. However, we can see that address activity was quite modest throughout Monday. So this adds to the theory that these 11 massive Bitcoin trades have a lot to do with the move to the $30,000 celebration level.

Source: Santiment Insights

Santiment also notes that Bitcoin is seeing a surge in social mentions, helping to fuel crowd euphoria as BTC tops $30,000 for the first time since June last year.

Bitcoin is one of the top four trending words in crypto after jumping above $30,000 for the first time in 10 months. Comparing the hype around this breakout of resistance versus the $25,000 cross four weeks ago, we see 82% more mentions of this long standing leg.

Source: Santiment/Twitter

BTC is worth $30,203 at the time of writing, up 7.5% in the past seven days.

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