The whale sent the balance to another starting address “bc1psv”. But it is not possible to check if the address belongs to an exchange or a person.
It is not common to see large investors selling Bitcoin (BTC) during a recession. As the price goes down, though, one of these big investors, a “whale”, has moved all the BTC out of his wallet.
The action took place yesterday (June 8) According to data from the Lookonchain chain analysis platform, the investor moved 1,432.93 BTC, the total balance of the portfolio. Based on the current price, the value corresponds to approximately R$ 160 million.
This address has not registered any movement since 2013. At that time, a Bitcoin was worth less than US$100, as compared to US$26,400 today. Therefore, the investor held this small fortune for more than a decade.
Coming out of Hibernation
Before said transfer, the last transaction in the portfolio was precisely the one in which the investor received the BTC. On April 9, 2013, the investor received 1,432.92 BTC in one transaction. According to the on-chain analytics platform Lookonchain, the address was inactive for ten years and two months.
This move follows a series of similar transfers in recent months. Big investors are apparently making a profit amid the current uncertainty in the market.
It is difficult to determine if the convictions of the whales changed in the bear market and if these movements are related to the sale of BTC. Another possibility is that investors simply switch wallets, or even withdraw Bitcoin from exchanges.
This Thursday’s movement was not the first of the year, much less the one with the highest value. That’s because in April, a Bitcoin wallet that had been inactive for more than nine years transferred 2,071.5 BTC (worth more than R$300 million). The whale address received a total of 6,071.5 BTC at the end of 2013, when the price of Bitcoin hovered around $663.
During the same period, another long-term investor, whose shares had remained intact for 12 years, transferred 400 BTC (equivalent to approximately BRL 55 million) to multiple addresses.
Meanwhile, a recent analysis by Glassnode revealed that large investors continued to accumulate aggressively, despite its price getting stuck in a limited trajectory. Therefore, the probability that these transactions involve the sale of BTC is low.
Whales Waking Up, What Are the Implications?
Coin movements by old wallets are often considered a bad sign. It may imply that the owner is moving the BTC to an exchange in order to sell it at a massive profit. Sales of this volume could significantly impact the Bitcoin market price. However, holders occasionally transfer their BTC to new addresses for safekeeping.
According to Glassnode analysts, there is less chance of holders selling their Bitcoin after 155 days. On the other hand, data from IntoTheBlock, for the month of May, indicates that 69% of Bitcoin addresses now have a weighted average holding period of more than a year.
Meanwhile, Bitcoin (BTC) is trading today, June 9, at US$26,640.71, according to the Live Coin Watch portal. This price positions it 101% compared to its value 24 hours ago and 98% compared to the same day last week.
By Audy Castaneda