Bitcoin Whales Transfer $230 Million in BTC to New Addresses
Yesterday, three dormant bitcoin whale addresses, which had been inactive for nearly six years, transferred a total of 6,500 BTC (equivalent to $230 million) to new addresses. The fact that all three addresses showed activity for the first time since November 5, 2017, suggests a possible connection or control by a single entity.
Address Movements and Value Increase
The first address moved 2,550 BTC ($90 million), resulting in a value increase of $68 million since November 2017. The second address transferred 2,000 BTC ($71 million), with its value increasing by $52 million. Similarly, the third address moved 1,950 BTC ($69 million), generating a value increase of almost $53 million.
Possible Origin and Link to Early Miners
Based on wallet labeling from BitInfoCharts, it is believed that the funds from each address originate from July 2011 and could be associated with early miners connected to the F2Pool bitcoin mining pool. The combined value increase of these bitcoin holdings since 2011 amounts to approximately $225 million.
Consistent Behavior and Transfer Dates
The wallets’ consistent pattern of behavior and transfer dates suggest that they may belong to the same entity. However, this has not been confirmed.
Unknown Motives for Transfers
The motives behind these transfers remain unknown. Some members of the crypto community have speculated that long-time crypto users are moving their funds to new wallets due to recent wallet-draining operations targeting old wallets. These attacks could potentially be related to compromised cloud-based password managers like LastPass.
Bitcoin Price Rise
The transfers occurred as bitcoin’s price increased by around 3% yesterday, contributing to a larger upward trend that has seen the cryptocurrency surge nearly 30% in the past month. At present, bitcoin is trading at $35,450.
Hot Take: Potential Consolidation or Precautionary Measure?
While the motive behind the transfers remains unclear, the simultaneous activity of these dormant whale addresses raises questions about their connection and purpose. It is possible that this could be a consolidation move by a single entity or a precautionary measure against potential wallet-draining attacks. Regardless, these transfers highlight the significant influence of bitcoin whales in shaping the cryptocurrency market.
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