The overall activity of Bitcoin (BTC) whale accounts has surged dramatically since the beginning of this week, despite a significant increase in BTC’s price. For the first time in six weeks, the world’s largest digital currency surpassed $40,000 on Monday.
A big Bitcoin transaction involving 9,500 BTC was noticed today by Whale Alert, a blockchain tracking and analytics service. According to the company’s most recent statistics, on Tuesday, July 27th at 00:48 UTC, a prominent BTC whale account shifted $353 million worth of cryptocurrency to an unnamed crypto wallet.
Whale Alert reported earlier this month on the transfer of 3,129 Bitcoin worth more than $100 million from cryptocurrency exchange Binance to digital wallet Xapo. The transaction in question was completed at 22:32 UTC on July 12, 2021.
BTC reached $40,499 yesterday, according to Coinmarketcap data, following rumors of Amazon’s tentative crypto plan. Amazon, on the other hand, disputed rumors of Bitcoin adoption in a statement released today.
Despite Amazon’s official declaration, the world’s most valuable cryptocurrency has remained above $37,000. Bitcoin is currently trading near $37,700, with a market capitalization of nearly $705 billion.
Bitcoin’s On-Chain Activity
Despite the recent increase in Bitcoin’s price, the general network activity has been calm in recent days. “Despite the volatility in the spot and futures markets, transaction volume and on-chain activity remain extremely low. The entity-adjusted transaction volume for Bitcoin is roughly $5 billion per day on a 14-day Median basis. According to Glassnode’s latest weekly on-chain research report, “this remains a considerable reduction from the $16B/day previous to the May Sell-off.”
“However, network traffic has not yet dropped to the same extent as it did after the 2017 blow-off high, when it experienced a full retrace, a subsequent bear market, and eventually a lengthy capitulation. Glassnode noted, “It remains to be seen whether on-chain volumes begin to build up in response to recent erratic price action.”