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Bitcoin Whale Moves $333M Worth of BTC to Cold Storage

Whale Alert, a blockchain tracker, just revealed that a Bitcoin whale had moved his more than 7,000 Bitcoin to a secret wallet. At the current price, the 7,000 Bitcoin is worth almost $333 million.

Whale Alert Tweet. Source: Twitter

The Bitcoin whale completed the deal at almost 2:00 GMT today from one unknown wallet to another one. Before moving his Bitcoin, the whale was the 241st largest holder of Bitcoin. By definition, a whale is a cryptocurrency term used for someone who owns large amounts of Bitcoin. Nobody understands the reason for this whale’s actions since his identity remains unknown. Other rumors of whale transfers include transfers among exchanges, massive OTC trades, and movement of crypto to cold storage by institutions. However, this information remains a rumor until anyone can disclose the whale’s identity, which is still a mystery at the moment.

Bearish Trends Continue

The bearish trend in the cryptocurrency world continued unabated due to several other whale actions during the week. For instance, Bitcoin, which achieved a peak of almost $60K this past Sunday, is now trading below $45K. It even reached a nadir for the week when it changed at slightly over $45K yesterday.

The chart above describes the Bitcoin price trend over the last month. Two days ago, the 215th largest Bitcoin holder sold 8,000 worth of Bitcoin to the wallet of crypto exchange leader Coinbase according to Whale Alert.

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Coinbase Transfer. Source: Whale Alert Tweet

However, Bitinfo charts, a wallet finder contradicted Whale Alert’s claim and instead said that BetVip is the wallet owner that received the sold Bitcoin. It is on record that BetVip.com went out of business six years ago after just one year of operations. Then, it was the only Bitcoin-based sportsbook, and Curacao issued its licensing operations.

Its reasons for going out of business were unsustainable revenue and a prohibitive legal system. There’s also a BetVip.net. But it has no relationship at all with BetVip.com, even though it’s also an operational sportsbook.

Ancient Bitcoin Whales Are No Longer Hiding

So far this year, lots of old Bitcoin whales are coming out of their hiding after almost ten years. For instance, one hundred Bitcoin, which haven’t been active for over ten years, were moved for the first time three days ago, leading to several speculations.

Some analysts believe that those who own these old wallets are related in some way to Satoshi Nakatomo, Bitcoin’s creator, but who has largely remained anonymous. However, the self-proclaimed “Indiana Jones of the crypto universe” disputed the theory that those ancient Bitcoin wallets are Satoshi-related.

Indiana Jones Tweet. Source: Twitter

In this month alone, these old whales have moved more than 35 BTC. Bitcoin’s price surge to over $20K in the last month of the past year is proof that whale actions can affect the markets. One reason for that massive effect on the market is because these ancient coins, which have not been moved in the past ten years, are now introducing fresh money into the Bitcoin ecosystem. 

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Bitcoin’s price could crash when a whale sells its coins. However, the bearish trend which began this week persists despite ancient Bitcoin whales dumping their coins.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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