Whale address that has been quiet for long time suddenly awakens while Bitcoin is anemic
A almost four-year-old inactive Bitcoin wallet abruptly sent $250 million to an unidentified Bitcoin address. The account that was given the money now has about $500,000,000 worth of Bitcoin.
The ancient whale’s wallet was worth more than $1 billion when Bitcoin reached its all-time high. The whale’s investment portfolio lost a significant portion of its value as market conditions worsened.
From a wallet that once had $1 billion, there was just $250 million left at the time of the transaction. The whale initially acquired 15,000 BTC in 2019, but it wasn’t until recently that he moved them back to another wallet.
An address “1KUr81” that has been dormant for 3.5 years transferred all 15,000 BTC ($252.5M) out to address “1LGAVQ” today.
Now address “1LGAVQ” holds 26,056 $BTC($439.2M).https://t.co/rK2AV0Hs1C pic.twitter.com/adqtgYUSd9
— Lookonchain (@lookonchain) January 6, 2023
Unfortunately, none of the blockchain explorers display any information on the whale, thus, we cannot establish whether it is connected to a specific exchange or an OTC trading desk. The wallet’s activity, however, suggests that either a blockchain-based business requiring urgent liquidity or a large retail investor holding and accumulating Bitcoin on numerous wallets is the owner.
However, in the second scenario, there would have been at least one wallet in the transactions chain connected to a specific entity identified in explorers. The wallet that got the money now has a whopping $430 million, and it doesn’t appear connected to any bitcoin exchange or other organization that might use those funds for liquidity.
Unfortunately, none of the blockchain explorers display any information on the whale. Thus, we are unable to establish whether it is connected to a specific exchange or an OTC trading desk. The wallet’s activity, however, suggests that either a blockchain-based business requiring urgent liquidity or a large retail investor holding and accumulating Bitcoin on numerous wallets is the owner.
However, in the second scenario, there would have been at least one wallet in the transactions chain connected to a specific entity identified in explorers. The wallet that got the money now has a whopping $430 million, and it doesn’t appear connected to any bitcoin exchange or other organization that might use those funds for liquidity.
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