It seems that whale wallets are on the move more often than usual, lately. Whale Alert is reporting that 12,008 BTC ($124.8M) was moved to an unknown wallet today.
Whale Alert is alerting the cryptocurrency community that a major wallet is moving Bitcoin funds. Close to $125M has been consolidated in an address — originally coming from multiple addresses.
The response to the transaction has been general shock and uncertainty over what it might mean.
Sponsored🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 12,009 #BTC (124,802,678 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 26, 2019
The massive transfer comes just two days after another whale consolidated 33,706 BTC ($341M).
Generally speaking, two major BTC transfers valued at over $100M each is quite strange and might be an indication that the two are connected. Of course, it could just be two unrelated whales consolidating their holdings. The question is: why? It seems strange that someone with this much BTC would want it to consolidate it all in one address, admittedly.
Since the bitcoins were not headed to exchange, it’s safe to say that the transfer will not have much of an impact on the market in the short-term. However, this could be a multi-level consolidation period before a possible sell-off.
Currently, Bitcoin is up 2.3 percent on the daily and is trading around the $10,360 price point.
Seeing these numbers makes one feel quite small. With funds valued at hundreds of millions of dollars moving at ease, you have to wonder who is in control. For now, we can only speculate. Regardless, major transactions like this almost always indicate that major moves are coming later.
Keep your eyes on the market. This might be a consolidation period before a major candle.
Do you believe that these two major Bitcoin transactions are an indication that a major market move is coming? Why would someone be interested in consolidating $100M+ and $300M+ each into a single address, respectively? Let us know your thoughts below.
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