The primary holder of the Bitcoin (BTC) virtual currency, whose portfolio has long been dormant, has suddenly moved $250 million into the digital currency. Many social media users tried to understand the reasons for this decision.
An unknown bitcoin wallet had been dormant for almost four years before suddenly making a massive transaction to another anonymous address. The wallet that received the funds now holds approximately $430 million in BTC.
When bitcoin prices peaked in November 2021, Old Whale’s portfolio balance sheet was over $1 billion. But as market conditions deteriorated, his portfolio lost much of its value.
The first 15, 000 BTC were received by Whale in 2019 and transferred to another wallet on January 6, 2022. Unfortunately, some blockchain observers have not provided details about this industrial whale, making it impossible to determine whether it is connected to an exchange or an OTC trading platform.
Nevertheless, experts assured that the behavior of the wallet owners indicated that they are owned by large private investors who store and accumulate BTC in different wallets, or by blockchain platforms in need of urgent liquidity. All results could not be uploaded. Repeated retries…
However, Twitter users suggest that the recipients of the funds, which now hold more than $430 million, have no connection whatsoever to the cryptocurrency exchange or organization that uses the funds for its own purposes.
In fact, previous owners of other bitcoin wallets that had been inactive for years had also begun to move funds. One possible reason was the critical market conditions that usually precede a sharp rise in volatility and sell-off. However, Twitter users suggest that the recipients of the funds, which currently hold more than $430 million, have no connection whatsoever to the cryptocurrency exchange or organization that uses the funds for its own purposes.