Whale Alert: Someone Just Transferred 4000 BTC to Crypto Exchange Gemini.
Bitcoin has been trading within the $23,000 level over the past few weeks after another unsuccessful attempt to break above it. Recent data showed an uptick in BTC transfers as 61,179 Bitcoins were added from cold wallets to centralized exchanges in the past 30 days, indicating that the price might take a while to break out.
Someone Transferred 4000 BTC to Gemini
Earlier today, a high-net-worth crypto trader moved thousands of Bitcoin (BTC) to Gemini, one of the leading cryptocurrency exchanges in the industry.
According to Whale Alert, 4000 BTC worth $95,000 was moved from an unknown wallet to the crypto trading platform.
— Whale Alert (@whale_alert) August 12, 2022
Since May, the crypto industry has experienced massive sell-offs due to the recent market slump that hit the entire global financial market, hitting investors with enormous losses.
The current market conditions spurred by the catastrophic collapse of Terra (LUNA) blockchain in May have caused adverse negative chain reactions in the industry, with most of the top companies in the space, like Three Arrows Capital (3AC) and Voyager Digital going bankrupt and suspending its services.