A massive whale is turning heads after relocating nearly half a billion dollars worth of Bitcoin (BTC) in a single transaction.
Whale-tracking bot Whale Alert initially detected the huge BTC transaction involving a deep-pocketed crypto investor who relocated 11,000 BTC, worth $489.97 million at the time, between two unknown wallets.
— Whale Alert (@whale_alert) February 10, 2022
BitInfoCharts shows that the receiving wallet subsequently shifted all 11,000 BTC to two wallets of unknown origins. One wallet collected nearly 5,000 BTC worth $211 million. A second unknown wallet received 6,000 BTC worth $253 million and immediately became the 292nd largest BTC address in existence.
Whale Alert goes on to document how a number of whales are migrating their BTC across the crypto seas. Some of the largest transactions involve transfers between crypto exchanges and between a custodial firm and a digital asset exchange.
- 2,000 BTC worth $87.72 million transferred from unknown wallet to Gemini.
- 1,200 BTC worth $52.45 million transferred from Gemini to Coinbase.
- 1,200 BTC worth $52.26 million transferred from Coinbase to unknown wallet.
- 1,500 BTC worth $66.67 million transferred from the Binance exchange to Xapo.
- 2,011 BTC worth $89.45 million transferred from a Xapo wallet to Coinbase.
- 1,604 BTC worth $71.31 million transferred from Bitstamp to unknown wallet.
Earlier this week, analytics firm Santiment said that mega-whales have been loading their Bitcoin bags in a big way over the past seven weeks.
“Mega-whales of Bitcoin have accumulated significantly the past 7 weeks.
Addresses with 1,000 BTC or more have added a combined 220,000 BTC to their combined wallets since December 23rd, the most rapid accumulation we’ve seen since September 2019.”
At time of writing, Bitcoin has given up some of its weekly gains but remains above the $40,000 threshold, and is currently trading for $42,454.
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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/Tithi Luadthong/Natalia Siiatovskaia
The post Bitcoin Whale Suddenly Moves Over $489,000,000 in BTC – Here’s Where the Crypto Is Going appeared first on The Daily Hodl.
