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A whale wallet mysteriously moved 5,000 Bitcoin BTC/USD, worth over $100 million at the time of writing, after leaving it untouched for close to nine years.
What Happened: The transaction was identified on BitInfoCharts by Colin Wu on Twitter on Aug. 28. Wu noted that there are three other Bitcoin addresses of the same origin that have not yet been moved — two of which have a balance of 5,000 BTC each, while the other has a balance of 6,071 BTC.
There are also three bitcoin addresses of the same origin, two with a balance of 5,000 BTCs and one with 6,071 BTCs, which have not yet been transferred.
Three addresses:https://t.co/qhM3y8AIAxhttps://t.co/fJNakkqC5Ohttps://t.co/rMRynS7Rc2
— Wu Blockchain (@WuBlockchain) August 29, 2022
Why It Matters: To put things into perspective, the price of one Bitcoin acquired at the time was around $600 per coin. Blockchain data shows that, at the time of the transfer, the whale had made a profit of $96.7 million from holding his 5,000 BTC since 2013.
The whale with 6,071 BTC, still holding on to his stash, is currently sitting on a profit of $329 million.
If BTC were to return to its all-time high ahead of $69,000, the whales stand to make an even larger return on their initial investment should they choose to cash out.
Although the whale did not send the coins to an exchange wallet, which typically implies an intent to sell, market participants interpreted the sign as bad news. At press time, over 94% of respondents to a CryptoQuant survey interpreted the signal as bearish.
See Also: Is Bitcoin A Good Investment?
Price Action: At press time, BTC was trading at $20,269, up 3.03% over the last 24 hours, as per data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.