The Bitcoin network has just seen its largest transaction of the year so far, with a BTC whale moving a staggering $665 million worth of the cryptocurrency in a single transaction, at a time in which the price of Bitcoin is stagnant around the $43,000 mark after the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to data shared by on-chain analytics firm Santiment, the transaction contributed to a total of 42,870 BTC moving in a single hour, marking the highest level of hourly on-chain movement over the past six months.
The funds in the transactions were sent to multiple addresses, with the majority of them ending up in a single address that had no prior transactions before receiving those funds. The transaction was made with a fee of over $400 in BTC.
The transaction comes at a time in which miners have been offloading a significant portion of their reserves, to the point that on January 17 10,000 BTC were sent from their wallets, in a sell-off of around $450 million.
The reserves of Bitcoin miners have plummeted to their lowest point since July 2021, currently standing at 1.83 million BTC, which is approximately worth $78 billion. This is after a decrease of 22,800 coins over the previous year.
The Bitcoin Miners’ Position Index (MPI), another metric, started to ascend on January 15, indicating a possible increase in selling activity. The MPI evaluates the total outflow from miners in comparison to its one-year moving average, providing a glimpse into the trends of miner sales.
Featured image via Unsplash.