Unidentified Bitcoin Whales Bought Close To $1B Bitcoin Over The Weekend

What Happened: On-chain data revealed that some of the wealthiest Bitcoin addresses recently added more BTC to their existing, already sizeable, holdings.

According to Bitinfocharts, 29,800 Bitcoins BTC/USD worth over $923 million were purchased over the weekend.

The 18 buyers already held 8000 BTC purchased in December 2018 that were worth just $3,900 each at the time. Today, the value of those coins has grown by 695% to $4.4 billion.

Between Friday and Monday, these addresses bought at least 1000 BTC, taking their total Bitcoin holdings above 9000 coins at the time of writing.

#Bitcoin supply held by whales (1k-10k wallets) has erased the whole Tesla/China sell-off and are back to the levels of $57k BTC.

Whales are unironically accumulating. pic.twitter.com/Rqbd22EvBl

— Lex Moskovski (@mskvsk) July 19, 2021

While some Bitcoin whales chose to accumulate more at these prices, other large holders, like Bitcoin miners, opted to divest a good amount of their holdings.

bitcoins transferred to the exchange by miners

Read more in Quicktake👉https://t.co/86HRs9PuNP pic.twitter.com/cYjiBNHCUi

— CryptoQuant.com (@cryptoquant_com) July 20, 2021

Data from Crypto Quant showed that miner flows to exchanges had reached levels last seen in November 2020. The average number of Bitcoins being transferred to exchanges to be sold also saw multiple peaks over the past few months.

Other large Bitcoin sellers included institutional investors, evidenced by the Grayscale Bitcoin Trust (GBTC) discount, which is fluctuating between -11% and -15.3%, as well as large outflows from Bitcoin investment products.

This considerable amount of sell pressure was reflected in the price of Bitcoin, which fell under $30,000 earlier today.

Price Action: At press time, Bitcoin was trading at $31,512, down 6.12% over the past 24-hours. The market-leading cryptocurrency saw a 36% increase in trading volume overnight, which stood at $24 billion at the time of writing.

Read also: Contrarian Crypto Investor Publishes Guide On How To Survive The Bitcoin Bear Market