BTC Whale Transfers to Exchanges Pick Up Amid Market Pullback

Bitcoin whale activities appear to have picked up recently following a sharp market pullback on Monday, suggesting sustained confidence in BTC, and the cryptocurrency market.

Data from blockchain data tracker Whale Alerts show a series of significant transfers from wallet addresses to crypto exchanges Binance and Coinbase. While Binance saw a whale inflow of around $52 million, Coinbase was reported to have received over $307 million from the transfers.

In the most recent, Whale Alert reported a 781 BTC (worth $32 million at current prices) transfer from four crypto wallets, 658 of which were sent to Binance. Furthermore, in the early hours of Wednesday, another wallet also transferred 500 BTC to Binance, worth around $20.5 million at current market prices.

Meanwhile, an unknown wallet transferred 2,511 BTC to crypto exchange Coinbase, with a current market value of about $103 million. Six hours earlier, another anonymous wallet moved 2,510 BTC, worth around $102 million, to the crypto exchange. Late on Tuesday, another unknown wallet transferred 2,494 worth around $102 million to Coinbase late Tuesday. The bitcoins have since been transferred from the exchange to separate wallets, as reported by Whale Alert.

While the reasons for the bulk BTC transfers are unclear, sustained confidence in an expected bullish rally for bitcoin next year is likely a factor. On the other hand, the transfers could also be a strategic move often deployed by traders to acquire bitcoin when the prices are down.

Elsewhere, Bitcoin’s price continues to show uncertainty as the token hovers around $41K lows and $40K highs. At the time of press, the digital asset is changing hands at $41,030, following a 1.22% drop in the past 24 hours, according to CoinMarketCap data.