A giant Bitcoin whale has withdrawn a staggering 31,000 BTC worth more than $820 million from its cold wallets, which have been dormant since late 2022 and had received funds from multiple exchanges.
According to well-known blockchain intelligence firm Arkham Intelligence, the history of the wallets suggests that they previously received a sizeable deposit of 21,600 bitcoins, transferred directly from reputable cryptocurrency exchanges Binance and Huobi in early fall 2022.
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A little over an hour ago, a major trading firm withdrew over 31,000 BTC ($822 million) from its cold wallets.
The BTC were previously stored in wallets last active in late 2022 and received BTC directly from Binance and Huobi. pic.twitter.com/EaZJJiiN7G
— Arkham (@ArkhamIntel) May 25, 2023
The whale currently holds BTC in two wallets, one with 20,000 BTC and the other with 11,200 BTC.
This significant activity came just a day after an intriguing series of large-scale Bitcoin transactions that saw over $1 billion worth of Bitcoin being moved across multiple wallets.
As reported by Benzinga, on-chain transaction tracker WhaleAlert reported that five unidentified wallets transferred a total of 7,206 bitcoins to a single anonymous wallet earlier this week.
In addition, a sixth transaction took place with the same monetary value but directed to a different anonymous wallet. This series of transactions totals 43,236 bitcoins exchanged, which is a staggering $1.13 billion.
These moves, occurring within such a short span of time, raise questions about market trends and speculation. Whether these colossal transactions are indicative of an imminent bitcoin market shift remains to be seen.
As CryptoGlboe reported, strategists at JPMorgan led by Nikolaos Panigirtzoglou have allegedly suggested that the rising price of gold could mean a Bitcoin price of $45,000. The two assets, often seen as alternatives by investors, tend to develop in parallel.
The current price of gold, which is close to $2,000 per ounce, suggests a bitcoin price of $45,000 considering that the value of gold held for investment purposes outside of central banks is currently around $3 trillion amounts to. Strategists posit that this could result in Bitcoin equating to gold in private investors’ portfolios on a venture capital or volume adjusted basis.
Recommended image via Pixabay.
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