Data shared by Whale Alert cryptocurrency tracking service shows that over the past hour, a whopping 69,058 BTC were moved between wallets with unregistered owners.

A few hours earlier, Coinbase received 24,000 Bitcoins from wallets labeled anonymous as well.

$3.7 billion in Bitcoin on the move

Seven transactions bearing approximately 9,900 to 9,700 each have been detected by the Whale Alert team. That totals 69,052 and amounts to a staggering $2,745,014,065.

Prior to that, the blockchain tracker spotted two consecutive transactions, carrying 12,000 BTC each and 24,000 in total. That constitutes $953,985,600.

The last two transfers were made around seven hours ago between internal Coinbase wallets.

The overall fiat worth of the Bitcoin transferred is $3,698,999,665.

Whales purchase 170,000 BTC in the past six weeks

As reported by U.Today earlier, over the past six weeks cryptocurrency whales (with wallets holding from 100 BTC and 10,000 BTC) have bought a whopping 170,000 Bitcoins, as per the data provided by the CryptoQuant analytics company.

In the last five weeks, the data says, whales have grabbed 130,000 BTC on the dip, and in the past 10 days, they added another 40,000 Bitcoins to their wallets. The 170,000 BTC was worth approximately $6,299,996,000 on Tuesday, July 27, when the article came out.

Bitcoin continues to hold near $40,000

Two days ago, on Monday, the flagship cryptocurrency briefly recaptured the $40,000 level after dropping below $30,000 on July 21, recovering to $32,300 thanks to the B-Word conference between Musk and Dorsey. It traded in that area for about a week.

The surge back to $40,000 took place ahead of the Tesla Q2 earnings report release. Another reason for the rise was the short squeeze faced by the Bitcoin market. Besides, Musk stated that neither he nor Tesla nor SpaceX are going to sell their Bitcoins.

At press time, the largest digital currency by market cap is changing hands at $39,846, according to data provided by CoinMarketCap.

Prominent crypto trader and analyst Michael van de Poppe believes that Bitcoin is looking for a higher low at the moment, so he believes that the correction should not seem strange to market participants.