A Reawakened Bitcoin Whale
After almost a decade of dormancy, a mysterious Bitcoin whale has resurfaced, moving a staggering 2,101 BTC worth about $88.5 million USD to a new address. The whale initially acquired the funds back in February 2015 when the value of BTC was trading at $243 each, accumulating a stash worth just over $500,000 at the time.
The Whales’ Recent Activity
The wallet address finally moved its BTC stash to two new addresses. Currently, one of the new addresses holds 1,762.99 BTC, and the other holds 336 BTC. Despite the move, there are no signs of the funds being sold on the market.
Implications of the Transaction
The whale paid over $26 to transfer the over $88 million worth of BTC, demonstrating the low cost of significant transactions on the network. This comes as the total supply of BTC on centralized cryptocurrency exchanges dropped to a six-year low, with 45 consecutive months of net outflows. The drop in supply on exchanges is a bullish sign, as long-term holders often buy BTC from exchanges and withdraw to hold their funds for the long term.
Affect on Market Behavior
The persistent decrease of BTC held by exchanges since 2017 has significantly affected the asset’s fluctuations, availability, and overall market behavior. This has also led to a significant reduction in BTC deposit transactions to exchanges. Deposits to exchanges are now at record lows, indicating a reduced pressure to sell.
Bullish BTC Price Predictions
Analysts have been making bullish BTC price predictions, with well-known on-chain analyst Willy Woo recently sharing his prediction for a potential retest of the $39,900 zone before the bullish trend’s continuation. Other predictions suggest that the price of BTC could surge to $120,000 by the end of next year, after predicting a rise to $50,000 this year.
Hot Take: Impressive Cryptocurrency Activity
The recent activity of the Bitcoin whale underscores the immense scale of cryptocurrency transactions. As BTC supply on centralized exchanges continues to dwindle, the stage is set for further price appreciation, potentially reaching extraordinary levels by next year.
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