Bitcoin Drags Broader Market Valuation Back Above $1 Trillion Mark
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There is palpable excitement in the crypto industry as Bitcoin (BTC) maintained an aggressive bullish stance over the past few days and reclaimed the $23K zone. This bullish momentum has extended to the broader crypto market as the total cryptocurrency market capitalization scales the $1 trillion valuation mark for the first time since early November.
At press time, BTC traded under the $23K mark at $22.9K, while the broader market maintained a market cap of $1.04 trillion, according to data from CoinMarketCap.
Meanwhile, on-chain data provider Santiment previously tweeted that the recent surge in bullish momentum can be attributed to Bitcoin whales holding between 1,000 and 10,000 BTC. The platform revealed that this group has accumulated over 64.6K BTC over the past 15 days as of January 20. Using the exchange rate of the time, this accumulation was worth about $1.46 billion.
1THASH Bitcoin Reserves Now at Zero Following Heavy Dumping: CryptoQuant
In other news, Kim Young Ju, co-founder and CEO of CryptoQuant, a platform for crypto on-chain monitoring, highlighted concerns about some whale activity in the Bitcoin ecosystem. Ju informed followers through Twitter that 1THash pool miners had sent 3,336 Bitcoins to the Binance exchange. Ju’s alarm was a retweet of Julio Monero, senior analyst at CryptoQuant, who had originally posted a more thorough tweet.
Ju cited one of the two significant Bitcoin transactions that Monero’s tweet described as having occurred 48 hours apart. The first significant transaction, according to Monero, took place on January 17 and involved 2,396 BTC. The second, confirmed by Ju, was moved directly to the Binance exchange on January 19. Due to this, as shown by the tweet, 1THash’s Bitcoin reserves are now zero.
Miner(s) in 1THash pool sent 3,336 $BTC to Binance. https://t.co/2xvlrc9QuP
— Ki Young Ju (@ki_young_ju) January 19, 2023
According to Monero, 2,396 BTC were transmitted in batches and through various addresses before being received by Binance in the first transaction. Additionally, he offered proof of Binance inflow indicating a total of 6,595 BTC, which coincided with the total of the two transactions described before.
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