A number of bitcoin whale wallets that had been dormant since December 2018 has seen movement once again, adding over $840 million worth of the flagship cryptocurrency over the weekend. The move is notable as on-chain data suggests a single entity is behind the move.
During the weekend, when liquidity in the cryptocurrency space is at its lowest, some of the richest wallets on the Bitcoin network – ranked 89 through 106 except for number 90 – accumulated 28,377 BTC, worth over $840 million.
All 17 BTC wallets had 8,000 BTC acquired in December 2018, when the price of the flagship cryptocurrency hit its $3,200 low after a year-long bear market. The wallets were created at the time those coins were added and have stayed dormant ever since.
Four of those wallets received BTC inflows at the exact same time on Sunday, July 18, and another four added BTC at the same time on July 17, with three more adding funds later that day. Seven wallets added 1,661 BTC, three added 1,693 BTC, and three added 1,639 BTC.
The movements come as data on the blockchain shows the amount of bitocin held by whales with between 1,000 and 10,000 BTC has risen back to levels seen when BTC was trading at $57,000.
#Bitcoin supply held by whales (1k-10k wallets) has erased the whole Tesla/China sell-off and are back to the levels of $57k BTC.
Whales are unironically accumulating. pic.twitter.com/Rqbd22EvBl
— Lex Moskovski (@mskvsk) July 19, 2021
The timing of the purchases and the fact that they had been dormant for the exact amount of time suggests one single entity controls all of these wallets. Whether that entity is a cryptocurrency exchange holding funds on behalf of its users is unclear, although the funds being added during market dips suggests otherwise.
As Daily Hodl reports, the wallets now hold over 164,000 BTC, worth more than the amount held on MicroStrategy’s treasury, which is 105,085 BTC.
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