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With the Bitcoin humpback whale transferring nearly $300 million worth of BTC this week, bitcoin whales are actively transferring their crypto assets on a large scale. Many whales periodically appear to carry out huge transactions, thereby introducing other crypto enthusiasts into a stupor and euphoria.
According to the monitoring, the user transferred 5,193 BTC to an unknown wallet the day before yesterday. On Wednesday, bitcoin underwent a minor correction after BTC fell almost 4%. Bitcoin is trading yesterday at around $57,700 with a market cap of $1.04 trillion. The $1 trillion market cap of BTC works well for a digital currency, because the power of the Bitcoin network significantly exceeds the $1 trillion market cap.
More than 1.98 million bitcoins with a market capitalization of more than $1 trillion have been pegged. Bitcoin whales play an important role in the price dynamics of BTC, as the movement of large quantities creates a shortage of supply. In addition to the last monumental transfer of 5,193 BTC, another bitcoin whale moved 3,357 BTC worth more than $190 million.
The institutional adoption of BTC has grown rapidly since the beginning of 2021. The world's largest cryptocurrency achieved its best Q1 2021 results for the first time since 2013. MicroStrategy, Tesla, and Square have accumulated a huge amount of digital currencies over the past few months. Earlier this week, MicroStrategy announced that it had acquired an additional $15 million of BTC. The business analysis company now has 91,000 BTC in reserve.
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