A giant BTC deal: $1.4 billion on the move! The announcement of increases?
A giant transaction has recently been registered at BTC. It was probably the movement of the internal stock exchange portfolio.
Whale transactions indicate market trends
The new, gigantic BTC transaction has been handled in a chain of blocks of the most popular cryptocurrency. With it, about $1.4 billion was transferred. This is the equivalent of half of the daily transactions that are made on the BTC blockchain. This is the first transaction of such high value since January.
The operation was registered by ByteTree. It is very possible that this is only a procedure which is an internal transfer of value between the portfolios of one entity. In the last 24 hours, the BTC network has processed transactions with a total value of $1.3 billion.
Most importantly, very often large movements on portfolios can herald significant market changes. It happens that high market activity leads to significant price movements. Of course, some of these transfers can only be of technical importance. An example of such identified transaction was the following Bitfinex movement.
— Whale Alert (@whale_alert) March 4, 2020
Is the price of bitcoin stuck?
The news of big moves when bitcoin stays under the $9000 limit gives hope for a change in the trend. Another element that also inspires thoughts of growth is the number of active BTC addresses. Recently increased activity at the level of 755,000 portfolios may also precede an increase in purchasing trends.
Bitcoin successfully managed to make up for last week’s losses. The drop to the level of $8550 was more than made up to over $9000. However, despite the whale signal in the market, moods still remain ambiguous. Despite the positive signals, stock market entries fell to $36 billion from $50 billion in 24 hours.
Stock market situation
Over the past month, Bitfinex’s cold portfolio has been losing funds. The Exchange paid out about 20,000 BTC. At this point, the biggest whale in the market remains Huobi with its cold portfolio of over 255,000 BTC. Another entity that may also be involved in the market is PlusToken, a Chinese cryptoscam, which has stolen about $2 billion worth of funds. It is worth remembering that a large part of the largest whales still remain anonymous.