Massive Bitcoin Whale Moves Over $800 Million in $BTC Out of Dormant Wallets

A massive Bitcoin whale has moved a staggering 31,000 $BTC that’s, at the time of writing, worth more than $820 million, out of its cold wallets that had been inactive since late 2022 and had received funds from multiple exchanges.

According to data unveiled by prominent blockchain intelligence firm Arkham Intelligence, the wallets’ history suggests that they previously received a notable deposit of 21,600 Bitcoins, transferred directly from renowned cryptocurrency exchanges Binance and Huobi in the early fall of 2022.

The whale currently holds BTC in two wallets, one with 20,000 BTC in it, and another with 11,200 BTC in it.

This significant activity took place just one day after an intriguing series of substantial Bitcoin transactions that saw over $1 billion worth of Bitcoin moved across multiple wallets.

As Benzinga reports, on-chain transactions tracker WhaleAlert reported five unidentified wallets transferred a total of 7,206 Bitcoins to a singular anonymous wallet earlier this week.

Moreover, a sixth transaction equal in monetary value but directed to a different anonymous wallet took place. This series of transactions amounts to a total of 43,236 Bitcoins exchanged, equivalent to an astonishing $1.13 billion.

These movements, taking place within such a short span, raise questions about market trends and speculation. whether these colossal transactions are an indication of an impending shift in the Bitcoin market remains to be seen.

As CryptoGlboe reported, strategists at JPMorgan, led by Nikolaos Panigirtzoglou, have reportedly suggested that the rising price of gold could imply a Bitcoin price of $45,000. The two assets, often seen as alternatives by investors, tend to move in tandem.

The current gold price, nearing $2,000 per ounce, would suggest a Bitcoin price of $45,000, given the value of gold held for investment purposes outside central banks is currently around $3 trillion. The strategists propose that this could lead to Bitcoin equalizing gold in private investors’ portfolios in risk capital or volume-adjusted terms.

Featured image via Pixabay.

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