Bitcoin whales have accelerated the transfer activity of the world’s most valuable digital currency. According to the latest data published by crypto analytics and blockchain tracking platform Whale Alert, a large BTC address moved 19,000 Bitcoin to an unknown crypto wallet.
The total value of the transaction currently stands at around $1.1 billion. The transfer was executed on 5 May at 19:38 UTC. The mentioned Bitcoin transaction was recorded on blockchain.com.
The movement of large BTC amounts has increased since the start of this year amid a surge in the price of Bitcoin. The cryptocurrency is up by nearly 90% in the last 4 months. As of writing, BTC is trading near $57,000, up by more than 5% in the last 24 hours. The total market cap of Bitcoin stands at around $1.06 trillion.
Apart from the latest transaction, Whale Alert also highlighted a jump in BTC transfer activities across different digital exchanges. Crypto whale moved 2,250 Bitcoin worth approximately $125 million yesterday from a digital wallet to cryptocurrency exchange Coinbase. A BTC whale address moved 820 coins worth more than $47 million from Xapo to crypto exchange Binance earlier today.
In addition to Bitcoin, whale activity across other digital currencies including Ethereum, XRP, USDT, and Binance Coin has also increased during the last few days. Earlier today, a leading Ethereum whale address transferred 159,391 ETH to an unknown crypto wallet. The total value of the mentioned transaction stands at around $558 million.
Institutional Interest in Bitcoin
Latin American e-commerce giant MercadoLibre became the latest company to announce the accumulation of Bitcoin. The company revealed yesterday that as a part of its treasury strategy, it has purchased nearly $7.8 million worth of Bitcoin. According to the latest weekly digital asset inflows report by CoinShares, BTC-related investment products attracted $442 million worth of institutional investments last week. MicroStrategy, one of the world’s leading business intelligence firms, now holds more than 91,000 BTC worth over $5 billion.