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On Wednesday, a major Bitcoin investor transferred approximately $330 million worth of Bitcoin (BTC) to the Bitfinex cryptocurrency exchange, as per blockchain analytics firm Lookonchain.

Based on Bitcoin blockchain data, the Bitcoin "whale" transferred 11,000 BTC tokens to a wallet on the Bitfinex exchange when the BTC price was at $30,114.

Whales are cryptocurrency investors who possess significant amounts of digital assets. As their buying and selling activities can considerably impact the markets, crypto enthusiasts closely monitor their behavior to predict market trends.

The transfer could suggest that the individual who holds the wallet is taking profits following bitcoin's remarkable performance this year.

Blockchain transactions reveal that the wallet in question had been accumulating BTC between June 2022 and January 2023 at an average price of $20,083, according to data from Bitinfocharts, a website that monitors the on-chain activity of major bitcoin holders. Prior to mid-March, the wallet ranked as the 14th largest BTC holder, with control over more than $1.2 billion worth of tokens.

The same investor had also transferred 16,000 BTC (worth $427 million at the time) on March 17 and 9,500 BTC (worth $266 million at the time) on March 19 from their wallet to Bitfinex.

Aptly named the "smart whale" by Lookonchain, the investor's timely and profitable moves have garnered attention from the crypto community.

The recent transfer occurred during a period of strong performance for BTC, which has been outpacing the broader crypto market over the past month. According to CoinDesk Indices data, only seven out of the 166 assets in the CoinDesk Market Index (CMI) have outperformed BTC, which has gained 47% in the past month.

BTC's current trading price is approximately $29,900, with little change observed over the past 24 hours.

Cource Coindesk