As Bitcoin whales accumulate large amounts of BTC, one holder just cleared out over $1.5 billion worth of the leading crypto asset from a single wallet.
Blockchain.com confirms the October 4th transaction which relocated a whopping 31,306 BTC, valued at $1,500,784,730 at the time.
Crypto analytics firm Santiment says whale traders recently accumulated the largest single-day amount of BTC in over two years. The whales in question also did not sell, which Santiment believes helped Bitcoin push back above $51,000.
“Bitcoin’s whale traders holding between 100 to 10,000 $BTC accumulated 70k $BTC 10 days ago, the largest day of accumulation for this group since July, 2019.
Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet.”
Bitcoin has surged to $54,817 at time of writing, according to Coingecko, which is a 14% increase since the October 4th whale transaction, with a current value over $1.7 billion.
Here’s a look at the original empty wallet.
Featured Image: Shutterstock/Oliver Denker