Crypto traders are following a massive movement of 56,277 BTC.

A Bitcoin whale moved the funds, worth about $419 million, between two wallets of unknown origin on Wednesday.

According to the crypto tracker Whale Alert, the owner of the BTC may be a cryptocurrency exchange.

The large stack of BTC is currently being broken up into separate wallets containing relatively small amounts of Bitcoin.

“We have disabled further alerts for this for now to reduce spam. The main amount is slowly being reduced by amounts between 10 and 100 BTC. 

This process is usually called peeling and is normal behavior for wallets that many exchanges use.”

Also in the last 24 hours, a now notorious crypto whale who stole 320,000 ETH from the crypto exchange Upbit is shifting the funds around.

Nine separate transactions involving the illicit ETH have been discovered in the last day, with the largest being a movement of 10,000 ETH worth $1.4 million.

Crypto traders are also following a movement of 25,000,000 XRP worth about $5.3 million.

The XRP was sent from the crypto exchange Binance to Coinbase on Tuesday evening.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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