April 17, 2024

Long-Standing Whale Transfers $100 Million In Bitcoin From Wallet To Exchange

OKLINK released information on a whale who moved five thousand Bitcoins, an equivalent of one hundred million dollars today, from his wallet to Kraken Crypto Exchange. The blockchain explorer traced the wallet to 2013 when it got created. Previously in May 2021, the said whale had made a similarly voluminous transaction to a different address.

Whales Remove Bitcoins Out Of Wallets. What Could Be The Outcome? 

U.Today, in its report, noted a massive haul of cryptocurrencies by big players over the last couple of weeks. Addresses older than a decade or less have begun conveying digital assets to several exchange platforms. Some of these wallets are said to be inactive for a long time. 

A cryptocurrency research company by the name CryptoQuant published its perception of the ongoing action. It stated that this could hike selling volume in the market anytime soon if these transfers had been for sell-offs. 

Notwithstanding, they may not submerge the price of Bitcoin with the liquidation even if they sell together because there is a probability the trades do not take place on an organized crypto Exchange. 

Moreover, these transfers might be a mere move of assets from one wallet to another. 

The record shows that the performance level of Bitcoin in August was under expectations. Every other digital coin or token outperformed BTC. At the time of publication, Bitcoin is trading beneath $20k since it dipped again last week. 

Other Speculations Of The Bulky Transfers 

Earlier in March, a Satoshi-Nakamoto-era wallet created in 2010 and has since held a lot of Bitcoins moved approximately $20 million in BTC to an Exchange. Later, another likened wallet executed a transaction as such in April 2022. 

An assumption has begun spreading due to these corresponding transactions, based on if these recent moves are made by Nakamoto-era wallets.

According to Colin Wu, three wallets with similar tag exists, and neither of these wallets has transferred its Bitcoins to his knowledge. Two of these wallets have five thousand Bitcoins and six thousand and seventy-one Bitcoins in their custody each.

These three wallets are known to have held on to their Bitcoins for nine years, purchasing at $60 per unit. So, should any of these whales decide to sell off at this point after Bitcoin fell off its ATH of $69k, they are still in profit. But there is no proof of Nakamoto-whales being among the whales moving their Bitcoins.

After all, since Bitcoin was founded by individuals under the alias Satoshi Nakamoto, nobody has heard from them nor noted any contribution to Bitcoin by these entities. They vanished into thin air promptly after creating the virtual currency. BTC remains the only track they left behind.

Hence, it is worth disregarding the case that whales related to Nakamoto own these wallets. 

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