An unknown whale has just become one of the biggest holders of Bitcoin after on-chain data trackers reported the transfers of 130,000 Bitcoin to a new wallet worth approximately $3 billion.
A New Bitcoin Whale Is Born
On August 10, on-chain data trackers reported that an unknown investor had purchased approximately 133,000 (BTC) in several transactions at an average price of $23,000, amounting to $3 billion in total.
Further inspection of the transactions revealed that it was an old Bitcoin whale moving its funds to a new wallet. However, the wallet now counts as one of the top three largest individual Bitcoin holders.
Largest Bitcoin Holders
MicroStrategy, most famous for its Bitcoin purchases, is the largest corporate holder of the crypto, with over 129,699 BTC in its purse. Satoshi Nakamoto is the biggest individual Bitcoin holder, reportedly holding over 1.1 million Bitcoins.
Global asset manager Grayscale sits just below Satoshi with approximately 683,480 BTCs. Binance is the top cryptocurrency exchange holding Bitcoin, with about 447,197 Bitcoins.
Bitcoin (BTC) Spikes to New High
The accumulation/transfer of Bitcoin by the whale precedes a market rally which has seen Bitcoin’s price spike by 7%. The price of Bitcoin has risen from as low as $23,031 on August 10 to as high as $24,670 on August 11.
On the Flipside
- A $475 million Bitcoin options expiry on August 12 could flip the trend for Bitcoin. If Bitcoin closes above $24k on expiry, the bulls could take full control of the market.
Why You Should Care
The accumulation of Bitcoin by whales is usually interpreted as a precursor to a major crypto market rally or the end of a bullish cycle.
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