Popular blockchain tracking service Whale Alert, which monitors large cryptocurrency transfers and afterwards shares the details on its website and X account, has detected a massive BTC transfer worth more than $600 million.
Meanwhile, the world’s bellwether cryptocurrency, Bitcoin, has rebounded after topping the $110,000 price level.
$620.8 million Bitcoin transfer triggers community
The above-mentioned on-chain data provider revealed that 5,637 BTC were transferred approximately nine hours ago. This amount of Bitcoin was valued at an impressive $620,873,331 in fiat at the time of the initiated transfer. The transaction was made from one anonymous wallet to another.
This mysterious transfer set the crypto community buzzing as a hot discussion arose in the comments section. Many users pointed out that large Bitcoin transactions by whales often cause panic in the retail section. One X user, however, stated that this was an internal transfer, even though Whale Alert does not provide any data to confirm this assumption.
Bitcoin price breaks above $110,000
For the second consecutive day this week, Bitcoin has succeeded in breaking above the $110,000 resistance. The first breakthrough took place on Monday, but after that, BTC rolled back to $108,000.
By Wednesday, BTC again attempted to overcome $110,000 and succeeded, soaring to $110,300. Several reasons have prompted this Bitcoin price surge. The first was the cumulative massive inflows into spot Bitcoin ETFs over the past month.
Besides, the newly appointed chairman of the Securities and Exchange Commission (SEC), Paul Atkins, made a public statement, saying that DeFi is based on the same principles as economic liberty and private property rights in America.
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Bitcoin ETFs absorb $391.43 million BTC
Data published by Lookonchain, on June 10, show that spot Bitcoin ETFs experienced total netflows of close to $392 million. This time, it was the Fidelity ETF that took over leadership from BlackRock, as the latter bought 1,593 BTC worth $174.86 million. Currently, Fidelity holds a total of 198,075 BTC equal to $21.75 billion.
BlackRock’s iShares ETF (IBIT) sucked 1,113 Bitcoins valued at $121,930,708. The BlackRock ETF now holds 662,571 Bitcoins altogether. This is the equivalent of $72,601,283,582.