The owner of one of the largest Bitcoin wallet addresses transferred over $6 billion worth of Bitcoin today, the first move since 2019.
Blockchain data company Arkham Intelligence highlighted the movements on Twitter on Tuesday. It said the address was the fifth-richest Bitcoin holder with 94,500 BTC – over $6.05 billion at today's prices.
Arkham noted that whales moved BTC to three different addresses. It is not clear who owns the address, but such large owners are often companies.
In the crypto space a whale is a person or organization that hoards large amounts of Bitcoin (at least 1,000 BTC) and does not touch it for years, often sitting on astronomical profits.
Those who buy Bitcoin or other digital assets and don't touch them for years are by far the most successful investors; The price of the largest virtual coin has only increased significantly in value over the years.
In 2019, the asset reached just over $13,000 before ending the year at $7,216.
Last year there were a lot of whale movements: one whale To move their previously dormant Bitcoin – then worth $11 million – after 12 years of inactivity in April. Earlier this month, crypto watchers speculated about a holder they called “Mr. 100,” which holds over $3 billion in BTC.
Investors like it speculate on giant whales holding billions of dollars in virtual coins – especially when the movements of such addresses move the market.
The price of Bitcoin is now sitting at just over $70,000 per coin after hitting a new all-time high of nearly $74,000 earlier this month.
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