2 years ago
293 According to Whale Alert, a cryptocurrency wallet that has remained dormant since 2013 became active and moved crypto assets worth millions of dollars. The wallet had almost 2,202 Bitcoin (BTC), which is now worth over $150 million.
And for the first time in over eight years, the wallet became active moving 1,907.599 BTC, worth about $130 million as of press time. Whale Alert also indicated that the transaction costs only $14.
Bitcoin Approaches The $70,000 Price Level For The First Time
The identity of the wallet is still not known and there is no information regarding the final destination of the transferred funds.
The move is coming barely 24 hours after Bitcoin crossed its all-time high at $69,000. The token is now moving towards the $70,000 resistance level.
Bitcoin’s institutional inflows have now broken all previous records this year, which shows a high retail and institutional interest in the world’s largest cryptocurrency by market capitalization.
For the past 8 weeks, inflows into BTC investment products have reached $2.8 billion. And BTC investment products from institutional investors have hit $6.4 billion during the mentioned period.
The massive interest in the crypto asset has led to a further surge in its price. With this remarkable growth, Bitcoin has become one of the most valuable assets in the world, with some analysts saying its market cap has crossed silver’s one.
Institutional Investors Show Interest In Altcoins
On Monday, Bitcoin’s market capitalization crossed $3 trillion for the first time in its history. It shows the level of interest the crypto asset has drawn from both retail and institutional investors.
However, while Bitcoin’s dominance throughout this year has remained evident, altcoins like Ethereum and Solana as also impressive.
Institutional investors are the movers and shakers of the crypto market, with these groups of investors controlling over 60% of the Bitcoin market.
However, they are also showing an increased interest in Ethereum and other altcoins. Total assets under management (AUM) have also hit an all-time high of $80 billion. And last week Bitcoin saw its largest inflows of all-time totaling $95 million, according to CoinShares.
