Bitcoin Whale Activities Hit All-Time High with Single Wallet Address Moving $1…

An on-chain data has confirmed the recent engagement of BTC whales with 88857 BTC worth about $1.1 billion moved from a wallet address at a fee of $3.58 at a block of 654,364.

The usual activities of BTC whales have hit an all-time high pending the speculative bull-run that would be caused by the impact of the third Bitcoin halving.

According to the source, more than 1000 BTC equivalents to $13 million were held in 2178 Bitcoin addresses as of October 20. This had increased to 2231 by October 25. Another report also confirms a rise in Bitcoin whale activities having been estimated by BitcoinChart that BTC whales hold about 42% of all BTC in circulation. This amount to 7,902,469 BTC and holders of this amount are not in a hurry to sell.

Though it is possible to know the number of wallet addresses that hold these assets, it is almost impossible to identify the individuals or entities behind them. Also, it is not possible to know whether the wallet addresses are controlled by individuals or entities. It is difficult to ascertain because multiple addresses can be controlled by a single person and vice versa. It was also observed that about 62% of Bitcoin in circulation has not been moved in over a year now. Also, it was found that a third of the Bitcoin in circulation has not been moved to different wallet addresses in over three years now.

Over the years, it has been known that 1.1 billion BTC were owned by Satoshi Nakamoto, the developer of Bitcoin of which a larger portion of his holdings has not changed hands since this revelation was made. The probable reason why BTC whales still hold onto their assets despite the recent surge in the Bitcoin price can be linked to the much-expected bull-run that has been said to overtake its previous all-time high of near $20,000. This also has dire consequences on the entire market valuation in the long run as these whales can dump and crash the market.

Bitcoin Whale Activities Spotted in $1 Billion Move

An on-chain data has confirmed the recent engagement of BTC whales with 88857 BTC worth about $1.1 billion moved from its wallet address at a fee of $3.58 at a block of 654,364. This has broken the previous record of the largest transfer of any cryptocurrency held by Bitfinex Exchange, seeing 161,500 BTC worth $1.1 billion at that time. Interestingly, the defunct Mt. Gox website in 2011 saw a transaction of 550,000 BTC worth $1.32 billion at that time and about $7 billion in current value.

While analyzing the recent $1 billion movements of the BTC, it was discovered that the assets were moved from a wallet labeled as the Xapo Bitcoin Wallet. It is therefore highly possible that this amount was sent from a U.S.-based Nakamoto’s wallet. A majority of Bitcoin managed by a few people is a cause for concern as they can easily manipulate the price of the asset. The rise in BTC whales activities at this time coincides with the previous years after the Bitcoin halving event occurred.

Whales mostly troop in at this time, and after causing the price to rise insanely high, they liquidate their asset. This explains why BTC drops so high immediately after recording an all-time high in any of its last three halving events.

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