A mysterious Bitcoin whale has suddenly moved 3,000 BTC worth over $80 million after quietly sitting on its coins since 2017.
Data from blockchain tracking company Arkham Intelligence shows the whale started accumulating in 2016, capturing 3301 BTC in May of that year.
The entity later sold 200 BTC in September 2017, when Bitcoin saw a more than 10x increase. Since then, the entity has been taking it easy and not buying or selling any coins until early this week, when it decided to shuffle its BTC to two new addresses.
The address was worth more than $200 million at one point, but the latest move brought the balance down to almost zero.
According to data from the chain, the whale sent its coins to two newly created addresses for unknown reasons.
Ki Young Ju, CEO of blockchain analytics company CryptoQuant, recently noted that Bitcoin whales were in “risk on mode,” referring to the “interexchange flow pulse,” an indicator that measures the cumulative net flows over a year between crypto exchange Coinbase and derivatives exchanges.
When the measure rises, it indicates that investors are transferring more BTC from spot exchanges to derivatives exchanges, meaning they are willing to take on more risk.
“What data will change dramatically when the bull run begins?
Interexchange Flow Pulse: Will a ‘risk-on’ attitude return to the crypto market in 2023?”
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Generated image: Midjourney