Crypto Whales move $6.3 million worth of Bitcoin, as transaction rise by 30%

Whale Alert has revealed that the past 24 hours have seen two major transactions with $96.3 million worth of Bitcoin. In the same vein, Bitcoin transactions have increased by 30.8% within that period. Glassnode analytics supplier said some on-chain fundamentals on BTC transactions have increased massively within the past 24 hours.

? ? ? ? ? ? 5,400 #BTC (61,730,845 USD) transferred from unknown wallet to #OKEx

Tx: https://t.co/rN1gyIjMBo

— Whale Alert (@whale_alert) August 28, 2020

Transaction reaches close to $100 million

The Crypto whales carried out two transactions, with one carrying 5,400 BTC, while the other carrying 3,002 BTC, making it $61,730,840 and $34,662,060 respectively, based on the current market price of BTC.

“5,400 #BTC (61,730,845 USD) transferred from unknown wallet to #OKEx,” the tweet reads.

The first transaction was the smaller one, which was carried out on the OKEx exchange to an anonymous wallet. The other larger transaction was carried out two hours later to an unregistered OKEx owner. The unknown addresses in the transactions were from two Whales accounts. No one is certain the reason for the transaction or which particular Whale made it.

Different transaction fees

The transaction fees for the heavy BTC transactions were not the same, as there was a massive difference between both transaction fees. While the smaller transaction costs only $9.13 in transaction fees, the bigger transaction gulped $2832 in transaction cost. From this price difference, it could be that both transactions had no connections. But their timeline (both occurring within 24 hours) says otherwise.

Mean transaction size rising

Glassnode analytics provider also revealed that for the past 24 hours, Bitcoin transaction metrics have risen tremendously.

The numb of BTC transactions have increased by 29.4%, reaching a high of $15,367. The Bitcoin mean transaction size has also risen, surpassing any prediction or projection made last week. Currently, the BTC mean transaction size has leaped from 501.561 to 650.812, which represents a 30.8% increase.

Whales shaking up the market

A Bitcoin whale is a term used to identify Bitcoin traders or investors who control large amounts of Bitcoins. They are the movers and shakers in the market.

It’s no longer news that Whales are the chief architect of any serious or major BTC movements in terms of transactions. Whale Alert has always kept track of these movements, as it can easily determine where the market is headed.

Two months ago, a Bitcoin whale moved an estimated $2.24 billion worth of Bitcoin with a transaction cost that’s less than $7, as reported by Whale Alert. The transaction contained a stack of 40,000 and 27,000 BTCs. The Bitcoin transaction was facilitated using six BTC wallets.