One of the largest Bitcoin whales in existence is suddenly moving millions of dollars in BTC as the price of the top cryptocurrency lingers near its all-time high.
The ledger tracker BTC Block Bot was the first to identify a transfer of 8,684 BTC worth $498,000,000 on Thursday.
The transfer, which cost just $52.95 to execute, completely drained the sending wallet and sent its balance to $0.
The whale in question was the 114th largest in existence prior to the transfer.
Both of those wallets are new and have never before sent or received any BTC.
So far, none of the addresses in the massive transfer have been linked to known crypto individuals or organizations, and the BTC does not appear to be heading to an exchange, where it could be sold on the open market.
This suggests the transfer was an individual or institution moving funds for security purposes or to facilitate a direct, over-the-counter sale.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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