1 year ago
93 A whale address that has been conspicuously quiet for a long time suddenly awakened while BTC is still anemic. The old Bitcoin wallet that has remained inactive for four years suddenly moved about $250 million to another unknown Bitcoin address. Notably, the address that received these funds now holds nearly half a billion worth of BTC.
At Bitcoin’s all-time high, the old whale’s wallet was worth over $1 billion. As conditions on the market became aggravated, the whale’s portfolio lost most of its value. At the time of this transaction, just $250 million was left from what used to be a $1 billion 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
The initial 15,000 BTC were received by the whale in 2019 and sent back to another wallet only now. Sadly, different blockchain explorers show no data about the whale, which is why we cannot readily determine whether it is linked with any type of exchange or an OTC trading desk.
Nevertheless, the behavior of the wallet indicates that it is either owned by a large retail investor who has been holding and accumulating Bitcoin on different wallets or a blockchain-based platform that required emergency liquidity. In the latter case, nonetheless, at least one wallet in the chain of these transactions would have been linked to a certain entity marked in explorers.
The wallet that was the recipient of these funds now has a huge $430 million and does not appear to be linked with any type of crypto exchange or entity that would use these funds for liquidity.
Previously, several other wallets that have been quiet for years began moving their funds. The reason behind that might be the stalemate on the market, which is something that happens normally before strong volatility spikes, and whales may be willing to protect their funds and tether out for some time.
