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WHALE ALERT: Almost $1 Bln Worth of BTC Moved to Unknown Wallets in One Hour

  • Alex Dovbnya
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    While the whales are flexing their muscles, it’s time to put on our tinfoil hats and figure out what is going on


WHALE ALERT: Almost $1 Bln Worth of BTC Moved to Unknown Wallets in One Hour
Contents

Whale Alert, the Twitter account that tracks large cryptocurrency transactions, has been on fire as of recently. Tens of thousands of Bitcoins have been transferred over the last hour to unknown wallets.


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It’s a whale season

The biggest transaction amounted to an eye-popping 47,357 BTC (more than $448 mln at the time of the transfer). Notably, he only paid around $580 in fees.

This inevitably gave a breeding ground for beloved theories about market manipulations. 

Some Twitter users believe that this individual has insider information and he has to act fast. They predict that it might a ‘boom or bust’ type of situation this whale pulling all the strings.

There was also a room for tongue-in-cheek replies — from the Pizza Guy references to transferring some pocket money to children.

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A boring scenario

While it’s tempting to assume that something big is coming, the whole situation might be more prosaic. These addresses could simply serve as cold storages of big cryptocurrency exchanges.

In fact, four out of five biggest Bitcoin wallets belong to cryptocurrency exchanges with Binance taking the cake. 

According to BitInfoCharts, a new crypto whale has entered the top 10 on July 29 with freshly deposited 65,077 BTC ($620 mln).

Cover image via www.123rf.com
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About the author

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.

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