IntoTheBlock on-chain data aggregator has reported that while the cryptocurrency market has been hit by massive FUD, the largest Bitcoin whales
Asthecryptocurrencymarketcontinuestoexperienceturbulence,withmassivefear,uncertaintyanddoubt(FUD)spreadingthroughouttheindustry,newon-chaindatahasemerged,revealingthecontrastingstrategiesemployedbydifferentcategoriesofBitcoinwhales.Whilesome
largewhaleshavebeenobservedtobedumpingsignificantamountsofBTC,on-chaindatafromIntoTheBlockrevealsthatthe
largestBitcoinwhaleshavecontinuedtoaccumulatetheworld’sflagshipdigitalcurrencythroughoutthisperiod.AccordingtoIntoTheBlock,thenumberofBTCinthe
largestwalletshasnowreacheditshighestpeaksinceMaythisyear.Thesewallets,whichhold0.1%ormoreofthetotalBitcoinsupply,collectivelysawanetinflowof7,130BTCConMonday—anamountvaluedatroughly$436million.Thismarksasignificantdevelopmentintheon-chainactivityof
largeBitcoinwhales,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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