Whale Moves $603,001,756 in Bitcoin in Single Transaction – Here’s Where the Funds Are Headed
A high-rolling Bitcoin whale has suddenly moved an enormous stash of BTC worth hundreds of millions of dollars in a single transaction as the world’s leading crypto asset flirts with yet another all-time high.
On April 16th, blockchain analytics tool Bitcoin Block Bot picked up the transaction in which the mysterious entity shifted a total of 9,610 BTC valued over $603 million from multiple addresses to two wallets of unknown origins in a single transaction for a fee of just $24, according to distributed ledger tracker Blockchain.com.
Blockchain.com shows that the wallet that received 9,000 BTC has a history of 31 transactions and holds a massive fortune of 62,601 BTC. The second wallet that collected 610 BTC has a history of a single transaction. Both the receiving wallets have yet to spend the BTC troves.
So far, none of the addresses in the massive transfer have been linked to known crypto individuals or organizations, and the BTC does not appear to be heading to an exchange, where it could be sold on the open market. The transfer also comes as Bitcoin continues to trade above the $1 trillion market capitalization.
On-chain data analyst Willy Woo says that Bitcoin is undergoing a massive supply shock, similar to the inventory depletion of 2017.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five-month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/80’s Child
The post Whale Moves $603,001,756 in Bitcoin in Single Transaction – Here’s Where the Funds Are Headed appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff