Are Crypto Whales in the Game? $2 Trillion Immobility in Bitcoin During Price Correction
Bitcoin ($BTC), the $2 billion flagship cryptocurrency, recently began moving between various wallet addresses that appear to belong to a single asset. The funds had been dormant since 2019 and had only been moved in 2013 before that.
According to blockchain analysis firm arkham Intelligence, BTC, which has recently started to be moved again, has historically been moved on the same dates and times, although it has spread to various addresses.
According to the firm, funds were pooled from 49 different Bitcoin addresses and concentrated in just five addresses; each currently holds between 8,000 BTC and 12,000 BTC, worth between $380 million and $480 million.
If the funds belong to a single entity, they are likely spread out over a larger number of Bitcoin addresses as it aims to secure its funds by distributing them and keeping them in cold storage.
The $2 billion Bitcoin has moved in at a time when the price of the flagship cryptocurrency continues to correct; Over the past year, spot Bitcoin has surged nearly 160% on expectations that an exchange-traded fund (ETF) will be approved. The US will bring additional demand from both institutional and individual investors.
Spot Bitcoin ETF allows investors to gain access to cryptocurrency through a regulated product without having to manage the private keys of a cryptocurrency wallet.
This move also comes at a time when Bitcoin miner reserves have fallen to their lowest level since July 2021, currently standing at 1.83 million BTC after dropping nearly 22,800 BTC last year. The value of these reserves is currently at the level of 78 billion dollars.
Notably, funds are also moving shortly after the Bitcoin network saw its largest transaction of the year so far; A BTC whale moves a staggering $665 million worth of cryptocurrency in a single transaction.
Featured image via Pixabay.
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