A collection of Bitcoin whale wallets suddenly scooped up tens of thousands of BTC over the weekend after being inactive since December of 2018.
According to BitInfoCharts’ list of the biggest Bitcoin wallets, the addresses ranked 89 through 106, except rank number 90, accumulated a total of 28,377 BTC worth $841.85 million on July 17th and July 18th in a synchronized manner.
BitInfoCharts, which labels Bitcoin addresses owned by crypto exchanges, says all of the addresses in question are unknown.
All 17 wallets held exactly 8,000 BTC before accumulating more over the weekend. Four wallets received BTC inflows at the exact time on July 18th. Another four addresses collected BTC at the same time on July 17th, and three other wallets added BTC simultaneously at a later time on the same day.
Wallets ranked 95 all the way to 102 all accumulated exactly 1,661 BTC, while three other wallets added 1,693 BTC, and another three accumulated 1,639 BTC.
The uniformity of the purchases, plus the fact that each wallet had been dormant for the same amount of time, suggests that the whale addresses are a single entity – though this is unclear.
At time of writing, the combined wallets hold a total of 164,337 BTC, worth nearly $5 billion, eclipsing the largest public holding of Bitcoin in MicroStrategy’s treasury.
On July 15th, ahead of Bitcoin’s recent sell-off, CryptoQuant CEO Ki Young Ju warned whales began moving BTC to back to exchanges, where it could be sold on the open market.
Zooming out, on-chain analyst Will Clemente recently said whales had been steadily accumulating Bitcoin since May and a supply-side crisis may be brewing.
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