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According to Whale Alert, 33,706 worth of Unlike the physical wallet in your back pocket, a cryptocurrency wallet doesn’t actually store currency but the keys to a... More to another. That’s around $341M in value moving and we’re not sure why.has been transferred from an unknown
Whenever large amounts of BTC are transferred, you have to pay attention. It could potentially signal that a major market move is coming. Recently, Whale Alert (@whale_alert) reported that $341M worth of BTC was moved from one unknown wallet to another.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 33,706 #BTC (341,219,826 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 23, 2019
It’s major moves like these which make us realize how insignificant the vast majority of crypto-investors are in this market. As one user (@Matt_TSales), “Seeing this makes you feel quite small.”
Seeing this makes you feel quite small
— Matt Thomas (@Matt_TSales) August 23, 2019
The transaction originated from multiple addresses which seems to indicate that one major whale is consolidating his funds. The recipient address only has two transactions in it: one, which was only 0.01 BTC and seemed like a test, and other being the 33,706 BTC.
The major transfer occurred some 6 hours ago at the time of writing. Although many were expecting a potential dump as a result, the move seems to not be linked to any exchange. With some claiming it is a custodial service, Bitcoin is actually up significantly since the move was recorded. In the past 12H, Bitcoin is up almost 3% and is now fluctuating around the $10,400 price point.
Whales may be consolidating their Bitcoin earnings in anticipation of a major move upward once the bullish wedge on the monthly finds its end. It also seems that the bearish short-term momentum many were predicting was short-lived as well; despite painting a rising wedge on the hourly charts, Bitcoin has largely absorbed the correction and managed to stay above 5 digits. Overall, the momentum seems strong going into Fall.
Perhaps we will see more whales consolidating Bitcoin in the coming months as we get closer and closer to May 2020 when the halving is set to occur.
Do you believe that this particular transfer was a custodial service or a whale? Do you think we should worry about it at all? Let us know your thoughts in the comments below.
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