$620,873,331 Bitcoin Shifted in Minutes, Community Puzzled

Popular blockchain tracking service Whale Alert, which monitors large cryptocurrency transfers and afterwards shares the details on its website and the X account with the community, has detected a massive BTC transfer worth more than $600 million.

Meanwhile, the world’s bellwether cryptocurrency, Bitcoin, has rebounded after topping the $110,000 price level.

$620.8 million Bitcoin transfer triggers community

The above-mentioned on-chain data provider revealed that 5,637 BTC was transferred approximately nine hours ago. This amount of Bitcoin was valued at an impressive $620,873,331 in fiat at the time of the initiated transfer. The transaction was made from one anonymous wallet to another.

This mysterious transfer set the crypto community buzzing as a hot discussion arose in the comment section. Many users pointed out that large Bitcoin transaction made by whales often cause panic in the retail section. One X user, however, stated that this was an internal transfer, even though Whale Alert does not provide any data to confirm this assumption.

Bitcoin price breaks above $110,000

For the second consecutive day this week, Bitcoin has succeeded in breaking above the $110,000 resistance. The first breakthrough took place on Monday but after that BTC rolled back to $108,000.

By Wednesday, BTC again attempted to overcome $110,000 and succeeded, soaring to $110,300. Several reasons have prompted this Bitcoin price surge. The first one were the cumulative massive inflows into spot Bitcoin ETFs over the past month.

Besides, the newly appointed chairman of the Securities and Exchange Commission (SEC), Paul Atkins, made a public statement, saying that DeFi is based on the same principles as economic liberty and private property rights in America.

Bitcoin ETFs absorb $391.43 million BTC

Data published by Lookonchain, on June 10, spot Bitcoin ETFs experienced total netflows of close to $392 million. This time, in was Fidelity ETF that took the leadership over from BlackRock as the latter bought 1,593 BTC worth $174.86 million. Currently, Fidelity holds a total of 198,075 BTC equal to $21.75 billion.

BlackRock’s iShares ETF (IBIT) sucked 1,113 Bitcoins valued at $121,930,708. The BlackRock ETF now holds 662,571 Bitcoins altogether. This is the equivalent of $72,601,283,582.