A massive whale is turning heads after relocating nearly a hundred million dollars worth of Bitcoin in a single transaction.
Whale-tracking bot Whale Alert initially detected the huge BTC transfer and reported the details to its 1.9 million Twitter followers.
The whale involved transferred the 2,001 BTC, worth $97.29 million from the US-based crypto exchange Coinbase.
— Whale Alert (@whale_alert) December 23, 2021
Distributed ledger explorer Blockstream says that the deep-pocketed crypto investor paid 0.000102 BTC in transfer fees, worth $5.21 at time of writing.
Looking closely at the receiving address, BitInfoCharts reveals that the wallet involved is owned by crypto exchange OKEx. The address that collected the BTC stack is a cold wallet, indicating that the Bitcoin was taken offline.
As the whale moves the BTC into cold storage, data analytics firm Glassnode says that huge amounts of Bitcoin are moving from weak hands to entities that are known to keep their crypto dormant.
“Bitcoin supply is moving from a liquid to an Illiquid state at a rate of 100,000 BTC ($5.01 billion) per month. Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation and bull market buyers.”
At time of writing, Bitcoin is up 5.83% on the day and trading for $51,283.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tithi Luadthong