Unknown Bitcoin Whale transfers $2.2 billion worth of BTCs
- 20th June 2020
- Posted by: Hakeem
- Category: CryptoCurrency
A BTC whale moved an estimated $2.24 billion worth of BTC with a transaction cost less than $7, according to reports by Whale alert, a BTC whale tracker.
Each BTC transaction was done separately to unknown BTC wallets, containing a stack of 27,000 and 40,000 BTCs, and about six BTC wallets were used to facilitate the BTC transactions.
These further elaborates the advantage BTC transactions have over conventional transfer systems such as transfers through commercial banks that may attract up to 1% or more of the amount being used to facilitate the transaction.
“This (referring to the last 27,635 bitcoin transaction) and other recent large #BTC transactions are likely the change of the transactions,” Whale Alert explained.
In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
Presently Bitcoin is still trading below the resistance level of $9500.
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;
“As of June 2020, roughly 18.6 million Bitcoins have been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date.
“Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.”