Bitcoin whale ahoy! Another whale is on the move after a decent nap. So what are they doing and what does this mean?
The transparent nature of the Bitcoin (BTC) blockchain allows you to collect all kinds of interesting information about the market. Now the on-chain data tells us that a Bitcoin whale has moved 500 BTC. These Bitcoins have been lying at the same address for 5-7 years.
The Bitcoin whale and old coins in motion
As a rule, this is not a good sign when old coins are moving around. It may be that the owner of the Bitcoin wants to put these coins in other wallets. But usually, it is more likely that they want to sell. Especially if the coins go to exchanges, there is a low chance that it is just a reorganization of wallets.
In this case, it is not known exactly what the whale in question intends to do with the Bitcoin. What is certain, however, is that the whale hasn’t done anything with this Bitcoin for a long time. So it is a whale that has had a lot of patience in recent years!
This cryptocurrency move was noticed by the analyst JA_Maartun.
🚨 500 $BTC with the age between 5y ~ 7y has moved in last block.
These coins are bought between October 2015 & October 2017, making them OG coins😉
— Maartunn (@JA_Maartun) October 14, 2022
500 Bitcoin is not that much
While a 500-Bitcoin transaction has a total value of just under $10 million, it’s not something out of the ordinary in the broader sense. Not so long ago, suddenly over 5,000 people started to move Bitcoins that had been at the same address for 7-10 years.
A bitcoin address that had been dormant for nearly nine years transferred the entire balance of 5,001.51 BTCs to a new wallet on August 28, with a floating profit of more than $96 million. Funding source: https://t.co/kvIFpdMnex
— Wu Blockchain (@WuBlockchain) August 29, 2022
It did not appear that these BTC were headed toward an exchange. The inflows on major platforms didn’t show a huge jump in transaction time, meaning it could have been a portfolio reorganization.
In August, we reported that a Bitcoin whale bought a whopping 132,878 BTC for a value of $2.909 billion. Currently, this new whale owns 0.70% of the BTC in circulation.
What is the next big thing for Bitcoin? Let’s watch this space.
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