An under-the-radar Bitcoin whale just relocated hundreds of millions of dollars worth of BTC as the flagship cryptocurrency moves to break its all-time high.
According to distributed ledger explorer Blockchain.com, an unknown entity transferred 11,999 BTC worth $703 million in an instant for a fee of $571.
The sending wallet, which was created in December 2018 and received substantial amounts of BTC in the same month, was ranked as the 60th largest BTC address prior to the transaction, according to BitInfoCharts.
The massive BTC stash was subsequently moved in a flurry of transactions with varying amounts of BTC.
So far, the cryptocurrency does not appear to be heading to any known crypto exchange addresses, where it could be sold on the open market. Since none of the addresses have been identified, it’s unknown if the BTC belongs to an early investor or an institution managing large sums of crypto.
The big-time whale transaction comes amid what on-chain data analyst Willy Woo calls a “supply shock,” suggesting that the next leg up in the bull market is approaching.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”
At the time of writing, Bitcoin is trading at $59,521 according to CoinGecko.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Oliver Denker