With Bitcoin currently going through volatility, traders and investors have been making moves in the market to take their profits and avoid losses when the decline run starts.
With this in mind, two crypto whales have reportedly made massive moves in the Bitcoin market after they both moved Bitcoins worth close to a billion yesterday. Announcing the transfer, a blockchain monitoring bot, Bitcoin Block Bot, was on hand to give details into how much was transferred and how much the two transactions cost altogether.
In its review, the Bitcoin block Bot claimed that the whales moved 31,099 Bitcoin, which in today’s market is worth close to $492 million with a combined transaction fee of $46.
Bitcoin Block Bot gives full details of transactions
Going by the details of the transaction on the block explorer, the first transfer that was made was said to have been worth around 17,187 Bitcoin, which is said to be worth around $268 million. The transaction was said to have been sent to two addresses, with the first wallet receiving 13,912 Bitcoins in three separate transactions.
The second wallet was said to have also received close to 3,275 Bitcoin in three transactions. According to data that was obtained from BitInfoCharts, the first wallet was first created on November 11, just five days before the transaction was made.
However, the wallet leapfrogged all other wallets to place in the 42nd richest wallet across the globe minutes after a huge amount of Bitcoin was sent into the wallet. The second whale made sent 13,912 Bitcoin, which is said to be worth around $224 million.
Coincidentally, just like the first wallet, this whale also sent the Bitcoins to two different addresses. According to the explorer block data, the first wallet received 10,637 Bitcoins after five transfers were made to the wallet, while the second wallet received 3,275 Bitcoin from four transfers.
Analysts note wallet security as the possible reason for the transfer
While the news of the huge transfers has been flying around for quite a while, analysts have pointed out that even though the funds might belong to an individual, they do not think this is the case. A newfound theory is that the wallets might be used for custodian purposes as the whales were saddled with the responsibility of watching over the assets for their clients.
Another view is that the whales might have discovered a loophole in their previous wallets and have decided to move their funds to a more secure wallet. However, the Bitcoin Block Bot has mentioned that all the wallets involved in the transactions have no ties to a known business or investment, whether public or private.
The Bitcoin that was sent to the wallets has remained there since then and has not been moved to any known exchange where it could be sold or traded on the open market. With Bitcoin already recording mighty price surges since the March event that saw it touch its lowest all-time price, analysts have advised businesses and individuals to use the digital assets as a hedge.
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