$6 Billion Crypto Outflowed From Exchanges to Unknown Wallets in Past 24 Hours

Whales have been very lively over the past 24 hours, transferring over US$6 billion worth of cryptocurrencies from exchanges to unknown wallets during the early hours of July 30.

The whale transaction data shows 11 outflow transactions, all around 9,900 BTC (US$400 million), being sent from an exchange to unknown wallets. The BTC network fees were around only $4 for a transaction of $400 million.

For these simultaneous transactions the BTC does not appear to be heading to an exchange, where it could be sold on the open market. This could suggest the transfers are either individuals or institutions moving funds for security purposes or to facilitate a direct, over-the-counter sale.

Also, among those “smaller” transactions there was a giant whale of 22,000 BTC (US$866 million), which also outflowed to an unknown wallet.