The owner of one of the largest Bitcoin wallet addresses moved over $6 billion in Bitcoin today, its first move since 2019.
Blockchain data firm Arkham Intelligence highlighted the movements on Twitter on Tuesday. It said that the address is the fifth-richest Bitcoin holder, with 94,500 BTC—over $6.05 billion at today’s prices.
The whale moved the BTC to three different addresses, Arkham noted. It isn’t clear who the address belongs to, but such big holders are often companies.
In the crypto sphere, a whale is a person or entity that hoards huge amounts of Bitcoin (at least 1,000 BTC) and doesn’t touch it for years, often sitting on astronomical gains as a result.
Those who buy Bitcoin or other digital assets and don’t touch it for years are by far the most successful investors; the price of the biggest virtual coin has only increased in value significantly over the years.
The 5th richest Bitcoin address just moved over $6 BILLION in BTC to three new addresses.
37X moved almost its ENTIRE BALANCE of 94.5K BTC ($6.05B) in the early hours of Saturday 23rd March, leaving only 1.4 BTC in the address.
The 94.5K BTC had not been moved since 37X… pic.twitter.com/mAjpg0oqnD
— Arkham (@ArkhamIntel) March 25, 2024
In 2019, the asset touched slightly above $13,000 before closing the year priced at $7,216.
There were a lot of whale movements last year: with one whale moving their previously dormant Bitcoin after 12 years. Investors like to speculate on massive whales who hold billions of dollars in virtual coins—especially as such when such addresses move cryptocurrency, it can move markets.
Bitcoin’s price now stands at slightly over $70,000 per coin after having touched a new all-time high of nearly $74,000 earlier this month.
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Source: https://decrypt.co/223536/mystery-bitcoin-whale-moves-6-billion-dollars-fifth-richest
