Bitcoin Whale Unloads $500 Million Wallet as Price Nears its All-Time-High
Crypto Specialist – Harry
A Bitcoin (BTC) whale has suddenly cleared its BTC wallet with almost $500 million worth of cryptocurrencies in it, as its price inches closer to a new all-time high.
As recorded for the first time by Daily Hodl, with a large Bitcoin transaction of 8,648 BTC, worth nearly $500 million, was first discovered by a transaction monitoring tool BTC Block Bot and released on social media. The exchange cost no more than $50 and totally emptied what was once the 114th biggest Bitcoin wallet.
The Bitcoin whale transferred its assets into two different accounts, one receiving 4,000 BTCs and the other receiving 4,684 BTCs. None of the addresses used in these transfers seem to be connected to cryptocurrency exchange sites or other facilities.
This suggests that the whale is unlikely to move its funds to offer them on the market and raise sales pressure, and could either move them to an over-the-counter (OTC) contract, or to boost its own defense by transferring funds while in cold storage.
It's worth noting that this is far from the biggest BTC transactions ever registered. Just this month, as CryptoGlobe announced, a Bitcoin whale pushed a whopping $4.5 billion in BTC during a sale that saw the cryptocurrency price shift from $55,000 to $43,000 low.
Since then, the price to buy Bitcoin has stabilized to re-test the $58,000 mark and is currently priced at $57,000 despite struggling to smash its all-time record. The $4.5 billion trade, worth remembering, was made by the Bitfinex cryptocurrency exchange and as such may be part of a standard security operation.
Data reveals whales have been buying ever more BTC during the past few weeks, to the extent where the CEO of the cryptocurrency analysis platform said that it was impossible that the cryptocurrency price will fall below $44,000 throughout the sell-off.
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