The richest cryptocurrency accounts perked up this week. Recently, 66,452 BTC, worth approximately $245 million, was transferred from an inactive wallet to an unknown address. A few hours later, several more large addresses moved $728 million in BTC.
Cryptocurrency markets have recently been dominated by bearish sentiment, accompanied by panic selling.
Some people blame whales, since those who own large amounts of digital assets may dump coins to create panic and then buy them back at a lower price. In such bearish times, Bitcoin enthusiasts come up with all kinds of things about cryptocurrency whales. But that doesn't help when large holders actually start moving large amounts of BTC from wallets that have not been active for years.
On Tuesday, more than $1 billion worth of BTC was transferred from four inactive addresses to other wallets, according to various sources. The next day, more than 151,000 BTC, worth more than $562 million, were transferred from other dormant wallets to several different addresses.
But it's not just BTC that big holders are moving. large amounts of ETH, XRP, BCH and all stablecoins were also moved.
On December 5, a bitcoin transfer transaction was carried out, worth about $13 million, the commission for which was less than one penny. And on the eve of the BCH hard fork, on November 15, 1 million BCH ($300 million) was transferred from one address to another.
Internet detectives later discovered that the wallet owner who moved 66,452 BTC actually moved 608,000 BTC, worth about $2.5 billion, over a five-day period to approximately 76 different wallets. This wallet was inactive from 2013 to 2015.
Now everyone is watching the whales as they have become very active.
Back in February, most cryptocurrencies lost 60 percent of their value. At the time, news.Bitcoin.com reported that the top 100 BTC addresses became significantly richer due to bearish pressure.
In fact, many of these whales sold their holdings one to three months before the sharp drop in value, only to later buy the coins back at lower prices. Then in May of this year, cryptocurrency enthusiasts again began talking about Nobuaki Kobayashi, the manager of the Mt. Gox, which previously revealed plans for the sale of tens of thousands of BTC and BCH seized by a Japanese court..
Mysterious movements of large sums caused much speculation during the continuous decline in prices last year. Similar movements of large amounts by whales and large BTC payments were also observed during the bear market in 2014 and 2015. But at the time, instead of talking about whales like the Mt. Gox, bitcoin enthusiasts were mainly discussing the sale of BTC seized after the exposure and closure of Silk Road.
There is a lot in common between then and now. But everyone is accustomed to the fact that whales move large amounts of money and do not see certain patterns in what is happening: namely, that such movements always precede a market recovery.
According to news.bitcoin.com
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