Analyzing the movement of crypto whales is considered necessary in the market. They can produce distortions in the market, causing the Bitcoin price to rise or fall unexpectedly.
A major Bitcoin whale transferred 44,979 BTC to two anonymous wallets.
To move the cryptocurrency units, which are currently worth $1.9 billion, the user had to pay just $3.56 in fees.
A major investor transferred 44,979 Bitcoin (BTC) units to two anonymous wallets and paid only $3.50 commissions. One of the giant Bitcoin whales in the market, ranking 12th in the ranking of largest asset holders, made a surprising move in the last week.
As noted by Blockstream Explorer, a website that analyzes blockchain data, the owner sent the amount representing almost $2 billion to two addresses. The first wallet received 44,612 BTC, and a wallet with a long transaction history received the remaining amount.
In addition to the high value transferred by the Bitcoin whale, it is striking that the transactions cost only $3.56. Bitcoin's low fees show how democratic and accessible the cryptocurrency network can be for its users by offering an easy way to move money.
To begin, a Bitcoin whale is a person or institution with a significant quantity of Bitcoin. In principle, whales control enough coins to affect Bitcoin prices if they want. They might be able to do so, at least in terms of potential. This does not, however, mean that this is always the case.
Analyzing movements with this Bitcoin whale is seen as necessary in the market, as these users are the most likely to positively or negatively impact an asset's price. While large transfer orders from these investors to exchange addresses may indicate a possible market downturn, traders see the withdrawal of assets to cold wallet addresses as a sign of relief and continuation of the current trend. Many Crypto Whale Trackers are available to check transfers from or to exchanges or other wallets.
Since October, on Bitcoin, these large investors have been accumulating more and more coins, even with the asset price going through periods of correction in this period. The growing pursuit of Dogecoin (DOGE) has also attracted attention, recently re-entered the top 10 coins in the highest whale holdings on Binance Smart Chain, now renamed to BNB Chain.
Bitcoin recovers from last week's drop
After closing, last week with a slight decline, the world's largest cryptocurrency recovered earlier this week after reaching support at $42,000.
In the last 24 hours, Bitcoin has accumulated a 4.7% rally, according to data from CoinGecko. Despite being above $44,000 at the close of this story, there are still no apparent signs of the next moves in its price.