The accumulation of Bitcoin ($BTC) is reaching its all-time high with no chance of slowing down. In a most recent example, 2 large investors have accumulated a total of 2,435 Bitcoin. The value of these Bitcoins is approximately $145 million, according to data from Spot On Chain.
Bitfinex and Binance See Massive BTC Withdrawals by Two Whales
The first whale that was labeled “bc1qr” accumulated 1,500 Bitcoins, which is equivalent to approximately 89.1 million USD at that time, from the Bitfinex exchange. The average price per Bitcoin for this transaction was $ $59,393. This withdrawal was made a few hours ago, proving the interest and purchase of this whale on Bitcoins.
The second whale, with the identifier “0xbe6”, made a withdrawal of 935.1 Wrapped Bitcoin (WBTC) worth approximately $55.6 million from the Binance exchange. The average price per Bitcoin for this withdrawal was $59,451 and the withdrawal was made earlier today. WBTC can be described as an Ethereum asset that represents Bitcoin, as the token provides an opportunity to use Bitcoin for DeFi.
Whale Activity Signals Strong Investor Confidence in Bitcoin
Such activity can be considered as a clear indication that large investors in the market are actively buying this cryptocurrency as a means of payment and hedging against the currency, despite the fact that its value goes through periodic fluctuations.
Ultimately, the transfer, reported by Spot On Chain, of such large amounts of Bitcoin may have an impact on the rest of the market as it shows faith in the cryptocurrency.
