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Bitcoin Bulls Awake Bitcoin Whale as $38 Million Moved in 2 Transactions

bitcoinnews

1mon ago

Bulls were not the only Bitcoin animals alive and kicking this weekend, as the bulls rampaging Bitcoin price back to the USD 8,000 levels today seem to have prodded a Bitcoin whale awake today, with two transactions silently moving some 5,000 Bitcoins worth USD 38 million.

Real time crypto transaction tracker WhaleAlert reported earlier today that an initial transaction of BTC 3,000 (USD 23.5 million) had been discovered between the address 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B to the 3LAT8J4ywCXSceAJuncaztoL3FH1tNtqEx. Only several minutes later, BTC 2,000 (USD 15.7 million) had been detected, moving from an unidentified wallet to a wallet known to be associated with Bitfinex. More interestingly, the same wallet from the first transaction was found to also be involved, leading to speculation that the funds belonged to the same person.

According to a report from AMBCrypto, this is typical of an opportunistic move by large movers of Bitcoin taking advantage of May’s incredible swing in Bitcoin price. It quotes data from ProofofResearch, showing how Bitcoin whales were the chief people to benefit from a 30% price growth in Bitcoin since the first week of May. The same research, however, did believe that most whales had already exited the market to keep their profits.

Today’s bullish actions coinciding with the large movements of a whale stash of Bitcoins will, nevertheless, suggest that traders with deep wallets are far from done yet.

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