Bitcoin News- Major BTC investor transfers $330 million to Bitfinex.
- The investor accumulates a significant BTC position before the transfer.
- Investor labeled “smart whale” after profitable maneuvers by Lookonchain.
A significant Bitcoin investor has reportedly transferred around $330 million worth of Bitcoin to the cryptocurrency exchange Bitfinex. According to Lookonchain, a blockchain analysis firm, the incident is said to have occurred on Wednesday.
As per the blockchain data, the BTC transfer was completed in a solitary transaction. Further, the analysis revealed that the transfer involved the movement of 11,000 Bitcoins from a digital wallet to Bitfinex, with each BTC priced at $30,114.
The large transfer comes amid increasing volatility in the cryptocurrency markets, with Bitcoin and other digital assets experiencing significant price fluctuations in recent weeks. Given the recent bullish run of Bitcoin, the transfer may signal the investor’s decision to capitalize on their gains.
BTC whale’s wallet reveals accumulation strategy before $330M transfer
On the other hand, the data from Bitinfocharts revealed that the BTC whale wallet had accumulated BTC over several months. At the time, the average purchase price for Bitcoin was $20K. This suggests that the investor had been building up a significant position in Bitcoin over time before making the large transfer to Bitfinex on Wednesday.
Prior to the transfer, the wallet ranked as the 14th largest Bitcoin holder, with a total holding of over $1.2 billion worth of tokens. Moreover, the exact Bitcoin investor reportedly made two transfers to Bitfinex in mid-March, further adding to their sizable cryptocurrency holdings.
On March 17, the investor moved 16,000 BTC worth around $427 million to the exchange. This is followed by another transfer of 9,500 BTC worth approximately $266 million on March 19. In light of the BTC whale actions, some experts have seen these transactions as profitable maneuvers. Consequently, leading blockchain analysis firm Lookonchain dubs the investor a “smart whale.”
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Source: https://thenewscrypto.com/major-btc-investor-transfers-330m-btc-to-bitfinex/