A whopping $2 billion worth of Bitcoins moved by a powerful entity

On Christmas eve, a large crypto entity moved about 95,510 BTC valued at $2billion in block 662,821.

The movement was identified by BTC Block Bot, an automated account on Twitter that tracks Bitcoin movements of large sizes.

READ: Bitcoin jumpstarts strongly, daily trading volume hits $25 billion

Whale alert! 🐋 Someone moved 95,510 BTC ($2B) in block 662,821 https://t.co/nFrNt3MD7p

Other News

• Stanbic IBTC PMI: Nigeria’s private sector expands for fifth consecutive month in June
• NDIC begins liquidation, warns public after CBN closes 46 microfinance banks
• RMAFC submits political office holders’ pay review to Tinubu

— Bitcoin Block Bot (@BtcBlockBot) December 24, 2020

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

• The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.
• It’s key to observe that the address used is not linked to any crypto exchange or custody provider, suggesting an institutional investor or high net worth individual did such a transaction.

At the time of writing this report, the flagship crypto traded at $23,526.94 with a daily trading volume of $37.6 Billion. Bitcoin is up 1.53% in the last 24 hours.

READ: Unknown identity moves $415 million worth of Bitcoins

What you should know

It’s key to understand that Bitcoin wallet activity is not really anonymous, because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. This makes it very easy for anyone to see the transactions and balances of any BTC address.

READ: Ethereum whale transfers $76 million worth of cryptos

•  At the flagship crypto market, investors or traders who own large amounts of cryptocurrency are typically called BTC whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 BTCs or more.
• As BTC whales accumulate BTCs, the circulating supply reduces, and this can weaken any bearish trend Bitcoin finds itself in.