Bitcoin Whale moves 7,073 BTC to cold storage


TL;DR Breakdown

  • Bitcoin whales move $400M worth of BTC.
  • Assumptions point to institutional investors moving BTC to cold storage.

Bitcoin Whales move large amounts of BTC between unknown wallets

According to Whale Alert, a whale just transferred 7,073 BTC between unknown wallets. The total Bitcoin transferred was worth $333M. 

The BTC was transferred from an unknown wallet to another unknown wallet. The whale was on position 241 of the largest Bitcoin wallet before the transfer. While the whale remains anonymous, it’s difficult to tell the reason for the transfer.

There are assumptions that it could be institutional investors asCryptoQuant revealed earlier today that they moved 13,000 BTC from Coinbase to cold storage. Other assumptions are huge over-the-counter trades or just internal transfers between exchange wallets. However, the whale’s identity remains anonymous. 

Bitcoin made its all-time-high of $58,000 on Sunday after which it experienced close to a 20% drop to trade around $45,000. However, amid the BTC downturn earlier this week, other whales have also made transfers.

Mobility detected for sleeping Bitcoin Whales 

Yesterday, an unknown transaction of about 8000 BTC worth $400 million on Thursday was caught by Whale Alert, which was linked to Coinbase. However, Bit Info Charts claimed that the wallet the BTC was sent to is owned by BetVIP, and not Coinbase

BetVIP was the first licensed Bitcoin sportsbook in Curacao but folded in 2015, just a year after it was started operation. According to the company, it shut down due to harsh regulations and “lack of viable revenue.”

Between the highs and lows recorded by Bitcoin this week, some dormant whales have sprung back to life. On Wednesday, some mobility was detected for a sleeping whale who had not been active since 2010. The owners of these wallets are assumed to be in a way related to Bitcoin creator, Satoshi Nakamoto. The movement was caught by Antoine Le Calvez who noted that it couldn’t have been Satoshi.

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