Crypto Whale Transfers 4,000 Bitcoin to Gemini

After a recovery of more than 30% from its recent lows, Bitcoin (BTC) again tanked by almost 11% in the last week. As a result, the network activity across the BTC network has decreased sharply in the past few days. However, whales are still moving the world’s most valuable digital asset in large amounts.

Yesterday, Whale Alert, a leading on-chain analytics and tracking platform, highlighted the movement of 4,000 Bitcoin worth more than $86 million from an unknown crypto wallet to Gemini. The transfer was executed at 22:06 UTC.

Dormant Bitcoin supply is surging. According to Glassnode, the percentage of BTC supply that was last active more than five years ago touched an all-time high of 24.4% on Monday.

“The recent price uptrend also failed to attract a significant wave of new active users, which is particularly noticeable amongst retail investors and speculators. The monthly momentum of exchange flows is also not suggesting a new wave of investors entering the market, implying a relatively lackluster influx of capital,” Glassnode highlighted in its recent report.

Bear Market

Bitcoin is currently going through one of its worst market corrections. While large crypto transfers are still happening, the overall count of whale transactions is lower compared to 2020 and 2021.

“The current market structure is certainly comparable with the late-2018 bear market, however, does not yet have the macro trend reversal in profitability and demand inflow required for a sustainable uptrend. Therefore, the ongoing cycle bottom consolidation phase is most likely, as Bitcoin investors attempt to lay a firmer foundation, subject of course to the persistent uncertainty and unfavorable events of the macroeconomic backdrop,” the company added in the report.

Last week, $15 million worth of investment left BTC products. Almost 150,000 Bitcoin addresses are currently holding at least 10 BTC.