A Bitcoin whale off the radar has just reallocated 4 billion reais in BTC while the cryptocurrency is on its way to breaking its historic record of $ 61,700.
According to block explorer Blockchain.com, an unknown entity transferred 11,999 BTC worth about R $ 4 billion in an instant for a fee of R $ 3,276.
It is worth noting that, according to Blockstream’s block explorer, the whale would have saved 52% in fees (about R $ 1,700) if it used a native segwit address (bech32) when carrying out the transaction.
The shipping portfolio, which was created in December 2018 and received substantial amounts of BTC in the same month, was ranked as the 60th largest BTC address before the transaction, according to BitInfoCharts.
The huge stock of BTC was subsequently moved in a flood of transactions with varying amounts of currencies.
So far, the cryptocurrency does not appear to be going to any known exchange address, where it could be sold on the open market. As none of the addresses have been identified, it is not known whether the BTC belongs to a pioneer investor or to an institution that manages large sums of cryptocurrencies.
The big whale transaction takes place amid what on-chain data analyst Willy Woo calls the “supply shock”, suggesting that the next step in the bull market is approaching.
“We can see this by tracking the flow of currencies outside the exchanges, where people normally speculate or buy and sell their currencies and have a defined stock, part of which is allocated for speculation. We have just seen an unprecedented amount of depletion of this stock.
If you look at the 2017 bull market, we saw it as a five-month stock depletion, and that was enough to propel the 2017 bull market up to (the record) $ 20,000 from what was initially around $ 1,000 to US $ 1,500 when the exhaustion ended, and now we are in this zone of the 12 months of stock depletion (…) ”
At the moment, each bitcoin is trading at $ 59,379 according to Coingolive.
See also: 2 reasons why Ethereum exceeded its historic high by $ 2,150