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The Bitcoin Block Bot the autonomous and self-governing blockchain monitoring tool has detected yet another massive Bitcoin transfer. It was the Bitcoin Block Bot to first bring into notice that an anonymous, extravagant entity has relocated 92,857 BTC worth $1.2 billion with a fee of just $1.31. A huge amount of Bitcoin is on transit because one of the most influential and wealthiest whales in the history of Bitcoin transfers has transferred more than a billion dollars worth of BTC.
Source: Blockchain.com
As per the latest reports and data, the whale has apparently shifted BTC into two different wallets. The first wallet is an unknown wallet with a total of two transactions that received 88,857 BTC while a second wallet has received 4000 BTC with a record number of 19 transactions. In addition to this, the original wallet has been created only on August 6th as per Bitinfocharts. Henceforth after the wallet was formed, it started getting small amounts of BTC on August 7th. And now with such a huge transfer, it has become the 3’rd richest Bitcoin wallet in existence as of the present moment.
As of now, there is no clear-cut or precise details about who the whale could be, but it could be an enterprise entity or a crypto custodian who is overseeing BTC on behalf of the clients. It could also be a security move in which the entity may be transferring the BTC across multiple wallets. But upon looking at the addresses, it is clear that none of the addresses are linked to any company or an entity that has invested in crypto or even works within the cryptocurrency industry.
As the price of the Bitcoin, the world’s largest flagship cryptocurrency surpasses the $13k levels, there is a growing amount of large entities in recent times that have increased their transactional volume of the world’s most popular crypto.
Taking into consideration this move from a macro level could mean an increase in the number of large entities and can be considered bullish. Nairametrics also believes that increased buying pressure by notable institutional brands is also responsible for the non-dilutable crypto recent highs but it is still impossible and difficult to predict markets accurately especially the price movements. And in the case of BTC, the whales have been historically associated with its price movements and trends.
At the BTC market, an investor, trader, or traders who have large amounts of Bitcoin are known as Bitcoin Whales. This means that a BTC whale would be an individual or a business entity owning many Bitcoins. As the BTC whales gather BTC, its circulating supply reduces which can weaken any bearish trend bitcoin finds itself in. This could imply that over time, BTC might reach its fixed supply of 21 million, which will automatically lead the price of BTC to go up but of course factoring in the present demand of BTC.
In the case of this transaction, the BTC has not been transferred to any known wallets which are usually owned by exchanges where it is tradeable.