Over 11,000 Bitcoin (BTC) Transferred Within 60 Minutes

A prominent blockchain tracker, Whale Alert, recently observed a series of substantial Bitcoin transactions, moving nearly a billion U.S. dollars in just one hour. This event coincided with Bitcoin’s recovery following a 4% dip the day before.

The tracker identified three consecutive transactions transferring a total of 11,358 BTC, equivalent to over $743 million. These transfers included 6,499, 2,359, and 2,500 Bitcoins, with the initial transfer alone amounting to almost half a billion dollars.

These significant transactions occurred between unidentified blockchain addresses, specifically from the wallet labeled -vtv93w. The scale of these movements highlights the immense value being transferred within the crypto space.

Bitcoin, the flagship cryptocurrency, experienced a notable price drop of 4.05% on Tuesday, reaching the $64,360 zone. However, within the following 24 hours, BTC displayed signs of recovery, aiming to surpass $65,590. Despite this effort, the cryptocurrency faced resistance and is currently trading at $65,148.

One factor contributing to Bitcoin’s recent fluctuations was the lack of inflows into spot Bitcoin ETFs on June 18. Notably, Grayscale Bitcoin Trust witnessed a significant outflow of $62.3 million, second only to Fidelity’s ETF, which saw $83 million in BTC withdrawals. These outflows marked the fourth consecutive day of negative net inflows, as reported by the analytics platform @spotonchain.

In another development, Bitcoin advocate Samson Mow reiterated his prediction of Bitcoin reaching $1 million. Mow emphasized the significance of daily inflows into spot Bitcoin ETFs and the Bitcoin halving in April as catalysts for Bitcoin’s future price surge. Additionally, Mow hinted at the possibility of a sudden and substantial price jump for Bitcoin, envisioning a scenario where the cryptocurrency could surge from $70,000 to $200,000 overnight.

Overall, these recent events underscore the dynamic nature of the cryptocurrency market and the significant movements and predictions that continue to shape the landscape for Bitcoin and other digital assets.