When a large whale moves in the sea, it creates ripples across the water. Similarly, when a large bitcoin (BTC) holder, often referred to as a crypto whale, moves its coins on-chain, that creates buzz on social media, prompting observers to wonder if it’s a prelude to a sale and downside price volatility.
Early Friday, two wallets, labelled “12tLs…xj2me” and “1KbrS…AWJYm,” moved 20,000 BTC, worth over $2 billion, to new addresses, according to data tracked by blockchain sleuth Lookonchain. The addresses received these coins on April 3, 2011, when bitcoin was priced at around 78 cents.
Today, BTC is over $109,000, implying a staggering 140,000-fold return for the two whale addresses, which means that they have a strong incentive to liquidate their holdings. Many long-term holders have been selling their coins ever since BTC crossed above $100,000 in May.
That said, the latest transfers were made to non-exchange addresses, which have gone silent since receiving these coins. So, it’s too early to conclude that the transfer operation is aimed at taking profits.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Blockchain data shows the Japanese treasury firm moved the bitcoin between wallets it controls, not…
DOGE gained almost 3% to 7 cents and BNB 2% to $614, while bitcoin was…
Bitcoin and ether are stuck in a tight range ahead of the CPI. Here’s how…
Riot Platforms has signed a long-term data center lease agreement tied to Anthropic, giving the…
Weeks of sideways trading have crushed volatility, leaving Wednesday’s inflation report as the next potential…
Strategy has added $650 million to its USD reserve and repurchased $109 million of STRC…