A whale from the Bitcoin market suddenly transferred hundreds of millions of dollars worth of BTC resources to the blockchain.
The bitcoin whale makes some surprising moves
April 16, a tool for analyzing the Bitcoin blockchain, Bitcoin Block Bot, recorded an interesting transaction. The mysterious entity transferred a total of 9,610 BTC worth over USD 603 million from multiple addresses to two wallets. He only paid $ 24 for it.
Whale alert! 🐋 Someone moved 9,610 BTC ($ 596M) in block 679,442 https://t.co/m3KlyQ8n06
– Bitcoin Block Bot (@BtcBlockBot) April 16, 2021
Blockchain.com shows that the wallet that received 9,000 BTC has a history of 31 transactions. Currently, there is a huge fortune of as much as 62,601 BTC on it. The second wallet with a total of 610 BTC has a history of a single transaction. Both receiving wallets failed to pay out their BTC.
BitInfoCharts reveals that the wallets were among the richest wallets in existence prior to these transactions. At the time of this writing, both sending wallets are empty.
So far, none of the addresses we describe have been associated with known cryptocurrency individuals or organizations. Importantly, the sent BTC did not go to the stock exchange, where it could be sold on the open market. The transfer takes place while Bitcoin still has a market cap of over $ 1 trillion.
The beginning of the end of the bubble?
Web data analyst Willy Woo says the Bitcoin market is undergoing a massive supply shock, similar to the 2017 exhaustion of stocks.
We can see this by tracking coin flows from exchanges where people usually speculate, buy and sell their coins, have a fixed inventory, some of which are dedicated to speculation. We have just seen an unprecedented depletion of these resources.
If you look back at the 2017 bull market, we saw a five-month run of stock depletion and that was enough to push the 2017 bull market to $ 20,000 from what was initially around $ 1,000 to $ 1,500 (…)
– he said.
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