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Home Crypto

A Crypto Whale Circulates 15000 BTCs That Have Been in a Wallet for 8 Years

BlockNews Team by BlockNews Team
September 8, 2022
in Crypto, Social
Reading Time: 3 mins read
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A few days ago, an abnormal activity became noticeable in cryptocurrency. About 15000 BTCs were circulating in the markets. The coins, which have been in a wallet for more than eight years, were circulating.

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Who is the owner? According to CryptoQuant, one of the owners is a retired Bitcoin Miner. Other powers could be visionaries, criminals, or miners too. This kind of circulation threatens investors in the crypto space. Ancient whales circulating is usually a sign of liquidation. 

Even though the owner moved the assets to Kraken, traders became fearful. This led to liquidation, causing a further dump in Bitcoin. The coin collapsed to $18,000 ten days after this circulation. 

Cryptoquant confirms that it is common for whales to circulate during a bear market. The firm even shared a chart showing that 90% of whales are depositing on exchanges. 

“Derivative Exchanges reserve continues to rise #Bitcoin Funding Rates is negative at the moment…, and they can easily put more sell pressure” by @abramchart Read More”.

What might be the Possible Reasons for such a Move?

1. The Bitcoin Miner is retiring. After retirement, people move assets for investment.

2. Ethereum Merge. The whale might want to trade BTC for Ethereum.

3. Cardano Vasil Hard Fork Upgrade. There is a possibility that the whale might want to invest in Cardano too. 

4. Promote Kraken. The whale might be a Kraken stakeholder or want to promote an NFT collection in Kraken. 

5. Recovered secret recovery phrase or private key. The whale might have remembered the secret recovery phrase or private key. Being an early investor in Bitcoin, the whale might have lost the crucial details.

Bitcoin Tokenomics Today: Analysis of the Whale Movement

15,000 BTC is worth 289, 834,699.65 at the time of writing this article. This is close to 300 million US Dollars. Therefore, if the whale liquidates, it can cause a market crash. When writing this article, Bitcoin sits at $19,230.05 with a 24-hour 1.6% gain.

According to a crypto analyst, whales protect market positions by forming a local bottom. Whales are hedging losses and transferring funds for use in future bets. According to Maartun, a CryptoQuant Analyst, it is better to observe the exchange-to-derivative mean during bear markets. This helps analyze whale movement better.

Whalemap also observed 5000 BTC being moved from dormant wallets since Christmas 2013. The whale eventually cashed out:

“Someone cashed out 5000 BTC yesterday, making a whopping $95,000,000 profit. The original price of the acquisition was $698 for him, which is a 2800% increase from the current price. What a guy!”

How Much Is 15,000 BTC, and Can It Cause a Market Dump?

It is normal to see liquidation during a bear market. However, there is nothing new in cryptocurrency.

Can the Mt. Gox Bitcoin help in recovery once this happens? Yes, it might, but it is impossible within a short time. The only hope users have now is the Ethereum Merge and Cardano Vasil Hard Fork Upgrade. 

If the whale decides to liquidate, Bitcoin will pick up slowly due to increased cryptocurrency awareness. For now, you can only hold your breath as a Bitcoin investor.

What would you do with 15,000 BTCs?

Tags: BitcoinBlockchaincryptoWeb3
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