In an industry where whales are thought to be behind the scenes pulling the strings on the market, tracking large transfer originating from high net worth wallets could be considered market analysis.
By tracking these movements, many analysts believe it is possible to gather information about how the market is likely to move—particularly when a whale makes a large transfer to an exchange, indicating a dump may be on the cards.
If that is the case, then this recently discovered super whale is certainly worth watching. The whale was first spotted yesterday when Twitter’s @whale_alert detected unusually large transactions heading to OKEx from the wallet, as BeInCrypto has previously reported. Over the past several weeks, this address has initiated dozens of 1,000 BTC transfers to the popular cryptocurrency exchange known as OKEx.
In the past two days alone, the whale has moved a whopping 4,000 BTC worth almost $32 million to the exchange. This comes at a time when Bitcoin has been struggling to stay above $8,000 and has dipped into the high $7,000 territory on numerous occasions.
Looking further back, it appears this particular address has offloaded tens of thousands of bitcoins to OKEx over the past several months. Since the address was first created 4 years ago, it has sent over 356,000 BTC ($2.8 billion) in total and participated in just over 400 transactions.
Despite offloading more than a quarter of a million BTC, the address still contains over 28,000 BTC worth just over $220 million. At its current rate of transfer, the address should be emptied within the next couple of weeks. Because of this, if the entity behind the address has any influence over Bitcoin’s recent price action, this influence is likely to extinguished sooner, rather than later.
As of yet, it remains uncertain who the wallet belongs to. Based on the size of the transactions and the gigantic remaining balance, it is not outside the realm of possibility that this is a hedge fund offloading its Bitcoin stacks. It is also quite possible that this is simply an unknown OKEx custodial wallet, with these movements simply representing internal transfers.
Do you think there is an agenda behind these massive transactions? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock.
Top crypto platforms in the US | February 2025
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Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Top crypto platforms in the US | February 2025
eToro
Explore
Explore
Explore
Explore
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Top crypto platforms in the US | February 2025
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This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
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This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
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Daniel Phillips
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
After obtaining a Masters degree in Regenerative Medicine, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite any evidence to the contrary. Nowadays, Daniel works in the blockchain space full time, as both a copywriter and blockchain marketer.
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