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Bitcoin, Ethereum Whales Move A Whopping $743M In 3 Transfers

Published 05/02/2023, 18:58
Updated 05/02/2023, 20:10
© Reuters Bitcoin, Ethereum Whales Move A Whopping $743M In 3 Transfers

Benzinga - The cryptocurrency market has been on a rollercoaster ride as the price of Bitcoin (CRYPTO: BTC) has been rebounding and now sits at around $23,000.

In the midst of this year's gains, three huge Bitcoin and Ethereum (CRYPTO: ETH) whales are turning heads among crypto traders. The whales have just moved a massive $743 million of the two cryptos in just three transfers, according to Blockchain data.

Last week, a large Bitcoin whale transferred 13,369 BTC worth $311 million from an unknown wallet to another. The transaction was traced to one of the top 65 Bitcoin wallets, according to BitInfoCharts. The wallet was used for both sending and receiving funds.

Similarly, the whale moved a large amount of Ethereum worth $309 million from one unknown wallet to another. The amount transferred was 186,009 ETH.

Later, a Whale Alert pointed out another large Bitcoin transaction worth $123 million, which originated from Gate.io and was transferred to an unidentified wallet. The amount sent was 5,278 BTC.

According to the report, an investor may have moved funds to a cold wallet to make a purchase, or someone may have executed the transfer for extra security.

Also Read: Ancient Ethereum Whales Move $27M After 5 Years Of Dormancy

Last week, a Bitcoin whale moved $20,606,697 worth of Bitcoin off Kraken.

Whales typically send cryptocurrency from exchanges when planning to hold their investments for an extended period.

Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

At the time of writing, Bitcoin was trading at $22,922, down 2.2% in the last 24 hours. Ethereum was trading at $1,623, falling 3.2% over the past 24 hours.

Photo: JLStock via Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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