Whale is actively transferring Bitcoin from cold wallets to exchanges
Bitcoin price hit an intraday high of $ 59,250 on November 30, but has since fallen by almost 5% to currently $ 56,277. On-chain statistics show whales and long-term keepers (LTH) have spent the last month and blockchain analysts have seen big moves in the past few days.
Bitcoin price chart | Source: Tradingview
LTH actively issues Bitcoin
There were several large Bitcoin whale movements emanating from LTHs on the first two days of December. On Thursday (December 2nd) a significant amount of Bitcoin was withdrawn from cold wallets and transferred to exchanges.
The on-chain activity was recorded by the blockchain analyzer Btcparser 3, a tool that analyzes every new bitcoin block by getting detailed information about all the transactions within it.
“The bot uses pools of 100 blocks and identifies all wallets that have sent or received a total of more than 1,000 Bitcoins during this time,” explains Btcparser 3.
Btcparser 3 dates on December 1, 2021
On December 1st, Btcparser 3 found massive on-chain action and saw thousands of bitcoins move throughout the day. For example, on Wednesday (December 1), Btcparser 3 discovered 15,074 BTC ($ 849 million), 6,970 BTC was moved, and thousands of BTC were also issued.
Btcparser 3 data as of December 2, 2021
Then, on December 2nd, large Bitcoin transactions of 36,645 BTC were sent and 10,547 BTC left the wallet. The total transfer value is over $ 2 billion and the address has spent over $ 28.2 billion in Bitcoin during its lifetime. Yesterday morning at 8:59 a.m. KST, Btcparser 3 recorded 15,074 BTC, or $ 849 million.
Additionally, Glassnode’s latest Insights report, Week Onchain 48, also shows that LTHs are actively spending their inventory.
Glassnode notes that this action was suspicious in the past 30 days.
Source: Glassnode’s Week Onchain 48
“Shifting the focus to LTH. It can be seen that there was a moderate percentage of ongoing expenses over the past month. From a holding peak of 13.5 million BTC, LTHs have spent 150,000 BTC (assuming a distribution), which corresponds to about 5.8% of the accumulated volume since March 2021, ”reports Glassnode.
Proponents of cryptocurrencies have been discussing major whale movements on forums, and bitcoin whale comments are being posted all over social media. Cryptocurrency research firm Santiment also tweeted about last month’s whale action on Nov.
“Bitcoin whale addresses containing between 100 and 10,000 BTC have accumulated around 40,000 BTC last week. The bearish mood is growing (and that’s a good thing). “
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According to News.Bitcoin