On Tuesday, Bitcoin’s price fell sharply as the market cap of the largest cryptocurrency in the world dropped below $800billion for the first time in almost 4 weeks. BTC whales also began moving the most important digital asset in the world from crypto wallets.
Whale Alert, a leader in Blockchain tracking and Analytics AnalyticsAnalytics can be described as the detection, analysis Read This Term platform. A prominent Bitcoin wallet transferred 2,000 BTC, worth more than $86 Million, from Xapo, to an unknown digital wallet Monday 20 September at 19 :22 UTC.
After Monday’s Bitcoin price correction , $220 million worth long BTC positions was liquidated. The latest BTC transfer occurred. The recent market correction saw Bitcoin’s exchange flow spike significantly. BTC whale accounts shifted large amounts of the crypto asset from digital wallets to digital platforms in large numbers.
“Bitcoin fell -12.7% over the last three days due to traders polarizing. Our data showed an increase in inflow of exchange during Monday’s largest drop,” Santiment stated.
During the Asian trading session on Tuesday, the trend highlighted by Santiment was apparent across the Bitcoin network. One of the most prominent crypto whale accounts moved 600 BTC worth $25 Million from an unknown wallet to crypto.com.
The recent price action in Bitcoin was not the only factor. However, overall network activity including its mining hashrate and revenues quickly recovered during the past week. The Bitcoin hash rate has increased this week to 137 Exash, demonstrating network resilience. This is a 7-day MA basis. Glassnode’s latest weekly on-chain analysis report highlighted the fact that the decline from the all time high was approximately half of the network’s hash-power. This 52% recovery means less than 25% of the peak network hash is still offline.
The report stated that miners had shown an increase in the trend to HODL more coins over the past market cycles, and this was evident through 2020 and 2021.