Half A Billion Worth Of Bitcoin Move As BTC Nears $70K

Hundreds of millions worth of Bitcoin have moved across digital wallets and cryptocurrency exchanges in the past 24 hours as the world's top crypto by market value resists hitting $70,000.

Whale Alert, which tracks the financial transactions of some of the world's largest crypto holders, revealed that Bitcoin whales have been moving their stashes between wallets and exchanges by the millions.

One whale moved 2,400 Bitcoin worth some $167.9 million Monday night, while another whale moved 773 BTC worth over $53.5 million about an hour later. One giant BTC holder moved 1,066 coins worth $73.8 million from Coinbase Institutional to Coinbase.

One BTC whale moved 2,822 Bitcoin worth over $195.4 million, then another massive holder transferred the same amount of BTC. On-chain data shows the two different senders, receivers, and hashes.

The latest transaction came late Monday night, when a Bitcoin whale moved 2,820 BTC worth some $194.7 million across digital wallets, bringing the collective dollar equivalent of BTC moved in the last 24 hours to $685.3 million.

News of the significant movement of Bitcoin whale accounts comes as the world's first decentralized digital asset continues to resist breaking through 70,000. As of writing, the digital coin was trading just above $69,000.

At one point on Monday, the coin did break past the $70,000 but soon slumped back to $67,000, above the base it retreated to last week after the U.S. Securities and Exchange Commission (SEC) approved spot Ether (ETH) exchange-traded funds (ETFs).

Bitcoin's price has been slow-moving after its halving on April 20 and a stellar bull run in the first quarter of 2024. There hasn't been much buzz around the coin either, as the crypto community focused on ETH, the native cryptocurrency of the Ethereum blockchain and the second-largest digital asset in the world.

A hedge fund manager has said the stagnant prices are because the digital currency has reached its "Bore you to Death" phase, which could last up to six months, with "symptoms" that include believing the bull market has come to an end.

Despite some FUD (fear, uncertainty, and doubt) amid increasing interest in Ether, optimism remains among some of the coin's largest holders. Michael Saylor, founder and executive chairman of MicroStrategy, which describes itself as the world's largest known corporate holder of BTC, said he believes the spot ETH ETF approvals are "good for Bitcoin."