You would think that the slowly approaching Bitcoin’s hard cap might pose a threat to Bitcoin’s availability and stunt its circulation. But each time, something always comes up. All thanks to Bitcoin whales who are never short of stunts to pull. So, recently, another sleeping HODLer moved over 3000 Bitcoin units to two newly created Bitcoin wallet addresses. This is quite uncanny for someone who has kept a low profile and made no move since 2017. So, a big nut of 6 years of silence cracked open by an unprecedented juggernaut’s move.
A Bitcoin Whale Is Awoken: Why Could This Be Happening?
- This is a very significant move that can potentially affect the Bitcoin market. So, it is not the first time an incident of this nature is playing out. Employing all logical tools and judging by all sane metrics, this can be a move to take advantage of the current market wave. So it could be that the entity is diversifying its movement range, such that would allow it to operate from different ends. Hence, creating two new accounts to work with.
- Moreover, the Bitcoin market recently experienced a price hike between August ending to early September, moving from $23,000.00 to $27,000.00. Although it is still a bear market considering what the bigger picture is. So, while we cannot exactly call this recent upward price move a full-blown bull run, it makes sense that one would want to sell to take a profit from it.
- Another possible reason is the need to invest in other cryptocurrencies. So, if this is the case, it would cause a drop in Bitcoin market value. And what if the drop happens and this entity decides to buy back even more? Another strategy here. So, the possibilities are just endless.
Reports On The Whale’s Move
- On-chain data noted this mysterious whale’s move of its digital assets to two different wallet addresses. So, more mind-bugging is the fact that the addresses were just newly created. The past years have this whale’s original Bitcoin wallet valuing up to $200 million, until this recent transaction that brought it down to almost zero.
- Arkham Intelligence, a blockchain tracking firm, made a report containing data that shows this whale’s acquisition of 3301 Bitcoins in May 2016. So, the latter part of the released data also revealed the whale sold 200 BTC units in 2017 when Bitcoin recorded an incredible bull run. It is unsettling to make this move after laying low for over 6 years.
Conclusively, the fact that this dormant account woke up to make this massive move, is not a SURE determining factor, or a pointer to anything. The Bitcoin and crypto market in general has always had uncertainty hovering around it. So, the wisest move is to monitor that market and make moves based on the subsequent unfolding of the turnout of events.
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