The Bitcoin Whale wakes up after a five-year quiet sleep
Bitcoin Whale Hello! Another whale is on the move after a proper nap. So what do they do 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 at the same address for 5-7 years.
The Bitcoin Whale and Ancient 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 Bitcoin wants to put these coins in other wallets. But usually they are more likely to sell. Especially if the coins go to exchanges, there is little 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 Bitcoin. What is certain, however, is that the whale has not 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 analyst JA_Maartun.
500 Bitcoin is not that much
While a 500-Bitcoin transaction has a total value of just under $10 million, it’s nothing out of the ordinary in a broader sense. Not too long ago, over 5,000 people suddenly started moving Bitcoins that had been at the same address for 7-10 years.
It didn’t appear that these BTC were headed for an exchange. The inflows on major platforms did not show a big jump in transaction time, meaning there could have been a portfolio reshuffle.
In August, we reported that a Bitcoin whale bought a whopping 132,878 BTC worth $2.909 billion. Currently, this new whale owns 0.70% of BTC in circulation.
What’s Next Big for Bitcoin? Let’s look at this space.
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