Bitcoin (BTC) whales are starting to move as the largest cryptocurrency in the world is getting closer to $40,000. Several crypto holders are moving funds from one wallet to another as the whole crypto market seems to be ready to start a new bull run. The interesting thing is that multiple crypto wallets are currently moving and they manage different virtual currencies.
Bitcoin Whales Make Waves as Bitcoin Gets Closer to $40K
Bitcoin is getting closer to $40,000. Indeed, Bitcoin has not been above $40,000 since early 2022. Whale Alert, one of the most famous accounts on crypto twitter following the movement of large funds on different blockchain networks, has reported increased activity on several accounts.
For example, just a few minutes ago, more than $9 million worth of Dogecoin (DOGE) was transferred from Robinhood to an unknown wallet. This is equivalent to over 113 million DOGE.
When it comes to Bitcoin, we have also seen a transaction of $100 million worth of this virtual currency. This happened a few hours ago and it included a transaction of 2,600 BTC. Other large transactions on different networks include 10,000 ETH ($20 million) or 32 million XRP ($19 million), among others.
Several blockchain networks have experienced similar moves in recent days, which shows that there is growing activity in the crypto market. While those things are very positive for the industry, whales have to also make sure that they are using digital currencies in an efficient way. For example, a Bitcoin whale sent a transaction of 55 BTC and paid a fee of 83 BTC. This is a costly mistake that could have been caused by distractions and that the crypto community spotted.
It is worth taking into consideration that Bitcoin will experience a halving event in 2024, which could push investors to enter the market. When there is a halving event, the issuance of Bitcoin is reduced by 50%. That means that from the current 900 BTC that are created on a daily basis, there will be 450 BTC. This has an impact on the behaviour of miners and the amount of BTC they sell to cover their expenditures and costs.