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August 27, 2023 11:25 AM | 2 min read
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A prominent Bitcoin (CRYPTO: BTC) whale stirred intrigue after executing a significant transaction involving the premier digital currency.
What Happened: According to data from the crypto-tracking platform Whale Alert, the influential Bitcoin entity moved a staggering 5,140 BTC, valued at approximately $134 million.
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The funds were moved from the Dubai-centric cryptocurrency exchange Bybit to an unidentified wallet.
Such a substantial transfer is noteworthy, especially when considered alongside data from the crypto analytics firm Santiment.
5,140 #BTC (134,268,844 USD) transferred from #Bybit to unknown wallet https://t.co/LWXJsbooVX
— Whale Alert (@whale_alert) August 25, 2023
The firm’s findings reveal that Bitcoin reserves on exchanges have dwindled to a six-year low. Furthermore, Santiment’s data underscores that affluent Bitcoin traders are now averaging weekly transactions of 57,400 BTC, with each exceeding $100,000 in value.
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Also Read: Ex-Morgan Stanley Tech Director Believes Crypto Represents Long-Term Growth Opportunity
Elaborating on the prevailing trend, Santiment posted on X saying that just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level the crypto’s top market cap asset has seen since December 17, 2017.
Just 5.8% of #Bitcoin is currently sitting on exchanges, which is officially the lowest level #crypto‘s top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of $BTC whale transactions (57.4K per week). https://t.co/c0vfjFEvvG pic.twitter.com/nNnz2JDJyb
— Santiment (@santimentfeed) August 24, 2023
According to Whale Alert, other notable transactions include the transfer of 2,910 BTC worth $76,010,381 from an unknown wallet to the U.S.—based crypto exchange Coinbase; the transfer of 4,000 BTC worth $106,039,171 from crypto exchange Bitfinex to an unknown wallet; the transfer of 1,414 BTC worth $37,446,124 from crypto exchange Gemini to an unknown wallet; and the transfer of 1,162 BTC worth $30,066,143 from Binance to an unknown wallet.
At the time of writing, Bitcoin was trading at $26,128.80, up by just one percent in the last seven days.
Now Read: Crypto Analyst Confident About Bitcoin’s Surge, But There’s A Catch
Photo: Shutterstock
“The Best Report Benzinga Has Ever Produced”
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