Whale Moves $875M Bitcoin On-Chain

An anonymous Bitcoin BTC/USD whale has transferred $875 million worth of BTC to an unknown wallet.

What Happened: On Wednesday, blockchain tracker Whale Alert revealed that 15,075 BTC worth $875,910,389 was transferred from one unidentified wallet to another.

As per the transaction details, the transfer took place for a fee of $1.27 at 12:49 PM ET.

A significant amount of whale activity usually precedes large price movements, particularly when the whale transfers occur between an external wallet and an exchange.

When a whale transfers large amounts of BTC to an exchange, the market usually anticipates he/she is doing so to sell his/her holdings. When a whale transfers coins off the exchange, the market reads the move as an intention to hold the coins in cold storage for a period of time.

Seeing as the wallet he transferred to isn’t labeled an exchange wallet, market participants were unsure what kind of price action may be in store for Bitcoin.

According to on-chain analytics platform Santiment, data indicates that Bitcoin whales have been accumulating more coins of late.

A total of 59,000 BTC, worth $3.3 billion at the time of writing, has reportedly been added to wallet addresses that hold between 100 and 10,000 BTC.

Price Action: At press time, BTC was trading at $57,000, down 0.98% in the last 24 hours.

Photo: Abigail Lynn on Unsplash