Large amounts of Bitcoin (BTC) and Dogecoin (DOGE) worth hundreds of millions of dollars have been observed moving by crypto whales as the market rests. Whale Alert, a blockchain-tracking bot, detected these transactions worth $531.71 million in the last day.
The most significant transfer involves a crypto whale moving 14,159 BTC worth $421.71 million from an unknown wallet to another unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 14,159 #BTC (421,719,993 USD) transferred from unknown wallet to unknown wallethttps://t.co/dgoE4DOlFq
— Whale Alert (@whale_alert) July 21, 2023
The platform monitoring the whale activity shows that the investor paid less than $3 to execute the massive Bitcoin transaction.
Another Bitcoin whale shifted 1,890 BTC worth $56.54 million from a wallet of unknown origin to US-based crypto exchange Coinbase, where it could potentially be sold on the open market.
Currently, the value of Bitcoin is at $29,815, showing a slight drop in the daily timeframe.
According to Whale Alert, a tracker of large Dogecoin transactions, an unidentified individual moved 450,000,000 DOGE valued at $32.93 million from an unknown wallet to the retail-focused trading platform Robinhood.
Additionally, Robinhood transferred 117,717,363 DOGE, worth $8.58 million, to an anonymous crypto wallet.
Willy Woo addresses strong indicator of Bitcoin
One million of Woo’s Twitter followers have been informed that Bitcoin is nearing the end of its re-accumulation phase, as indicated by the fundamental strength indicator (FSI).
This metric was developed by Woo to measure the strength of 17 fundamental and technical indicators.
According to Woo, the FSI chart shows that BTC consolidation is almost complete.
He also stated that the market is being driven by futures demand, which has been increasing despite sideways price action, indicating a bullish trend. Furthermore, volatility dynamics are predicting a larger move in the near future.
As an on-chain analyst, Woo is currently examining Bitcoin’s cost basis density map, which tracks the price levels where buyers usually purchase BTC.
According to Woo’s chart, the map reveals that BTC has various levels of support, including down to $25,000.