Despite Market FUD, Largest Bitcoin Whales Continue to Accumulate BTC-web3.0-php.cn

Despite Market FUD, Largest Bitcoin Whales Continue to Accumulate BTC

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Jun 26, 2024 pm 01:00 PM

IntoTheBlock on-chain data aggregator has reported that while the cryptocurrency market has been hit by massive FUD, the largest Bitcoin whales

Despite Market FUD, Largest Bitcoin Whales Continue to Accumulate BTC

Asthecryptocurrencymarketcontinuestoexperienceturbulence,withmassivefear,uncertaintyanddoubt(FUD)spreadingthroughouttheindustry,newon-chaindatahasemerged,revealingthecontrastingstrategiesemployedbydifferentcategoriesofBitcoinwhales.WhilesomelargewhaleshavebeenobservedtobedumpingsignificantamountsofBTC,on-chaindatafromIntoTheBlockrevealsthatthelargestBitcoinwhaleshavecontinuedtoaccumulatetheworld’sflagshipdigitalcurrencythroughoutthisperiod.AccordingtoIntoTheBlock,thenumberofBTCinthelargestwalletshasnowreacheditshighestpeaksinceMaythisyear.Thesewallets,whichhold0.1%ormoreofthetotalBitcoinsupply,collectivelysawanetinflowof7,130BTCConMonday—anamountvaluedatroughly$436million.Thismarksasignificantdevelopmentintheon-chainactivityoflargeBitcoinwhales,especiallyconsideringthemassiveoutflowsofthecryptocurrencythathavebeenrecordedinrecenttimes.Earlierthismonth,on-chaindataanalysisfirmAkrhamreportedthattheGermangovernmenthadtransferred400BitcoinstomajorcryptocurrencytradingplatformsCoinbaseandKraken.ThisamountofBTCisvaluedatroughly$24.34million.However,thefirsttransfertoexchangestookplacelastweek,whentheGermangovernmentsentanimpressive1,700BTCtoCoinbase,BitstampandKraken.ThisっそsBatchesofBTCweresoldbytheGermangovernmentaspartofitseffortstoselloffcryptocurrenciesthatwereseizedduringtheshutdownofthedarknetmarketplaceDarknet.ThisrecenttransferfollowstheGermangovernment’sannouncementinlateSeptemberthatitwouldbesellingoffBTCandether(CRYPTO:ETH)thatwereconfiscatedduringtheclosureofthedarknetmarketplaceDarknet.Meanwhile,onMonday,Bitcoinitselftookamajorhit,quicklyplungingfrom$62,680tothe$59,220zone.Thismarkedtheculminationofmassiveoutflowsfromtheworld’sleadingdigitalcurrency,withCoinSharesreportinginarecentnotethatawhopping$630millionwaswithdrawnfromBTClastweek.Atthetimeofwriting,Bitcoinhasrecoveredsomewhatfromtheselowsandistradingat$61,152.

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