In what was a strange coincidence yesterday has become even more unusual. $82M worth of BTC has just been moved shortly after two transfers of $124M and $341M BTC were completed within the past few days.
There has been an awful lot of whale activity recently, which has raised eyebrows. Over the past three days, three significant transfers have moved over half a billion dollars in Bitcoin: $341M (33,706 BTC) in Bitcoin was moved three days ago, and $124M (12,008 BTC) was moved just yesterday. Now, with another $82M (8,180 BTC) being moved today, the total among these three transfers alone totals some $547M.
The transfers have left the Whale Alerts (@whale_alert) twitter account buzzing with speculation.
At first glance, it does not seem that any of these accounts are related to one another. However, they all seem to be consolidating their Bitcoin into a single address. For example, both the $341M and the $124M transfer seemed to be transferring BTC from multiple addresses into a singular one. It seems like a liability to want all that BTC in one place, though, so it’s unclear why a whale would be doing this in the first place. None of the transfers were made to exchanges, luckily. So, you can rest easy that there won’t be a mass sell-off in the short-term. However, given that many of Bitcoin’s technical indicators are trending toward short-term bearish, there is room for concern and speculation regarding these massive transfers.🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 8,180 #BTC (82,911,265 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 27, 2019
Tx: https://t.co/uHczcQo4vb
At the time of writing, Bitcoin has been bleeding out slowly and is down -2.5% on the daily and oscillating around the $10,000 price point. Time will tell whether these transfers can be connected to any short-term price dump. Regardless, the choppy market recently has some traders worried—and these uncharacteristically large transfers don’t provide us with any solace.
Why do you think these whale Bitcoin holders are consolidating their addresses? Let us know your thoughts in the comments down below.
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Images are courtesy of Shutterstock, Twitter.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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