One of the top 10 biggest Bitcoin wallets in history transferred 60,000 BTC worth over $641 million. The transaction cost the wallet only $14.50.
Blockchain tracker, Bitcoin Block Bot identified the transaction in a whale alert. According to Bitcoin Block Bot, the transaction was in block 646,583.
The wallet from which the Bitcoin was sent was created in August 2019. Since its creation, significant sums of money have been transferred to and from the wallet, making it a top 10 Bitcoin wallet.
After the most recent transfer, the wallet slipped down the list of largest Bitcoin wallets to 12th position.
The transfer took place during a correction phase for Bitcoin which has experienced a drop in price to $10,509, down 15% from its 2020 peak of $12,359.
Just weeks earlier, a Bitcoin whale transferred 92,857 BTC worth around $1.09 billion. The BTC was transferred between unknown wallets. At the time of the monumental transfer, Bitcoin was at a $12,000 price level with a market capitalization of $219.60 billion.
Bitcoin whales are individuals or business entities that own 1000 Bitcoin or more. The population of Bitcoin whales has been increasing over the years as more money gets injected into the cryptocurrency industry. BTC whales are known for their significant influence on price trends in the sector. For example, as whales accumulate BTC, the circulating supply of the apex cryptocurrency reduces which can weaken bearish trends.
According to Glassnode,
“Despite the volatile market movements of 2020, the number of bitcoin whales has been growing near-consistently since January, with a current value of 1882 entities holding at least 1000 BTC.”
Meanwhile, the percentage of supply owned by entities holding less than 10 BTC grew from 5.1% to 13.8% over 5 years.
Photo by Ewan Kennedy on Unsplash