A massive whale is moving more than a billion dollars in Bitcoin in a flurry of transactions that effectively emptied a number of newly created crypto wallets.
Data from Blockchain.com shows the deep-pocketed investor just drained a crypto wallet that had recently accumulated over 74,105 in BTC worth over $1.58 billion.
The wealthy Bitcoin whale initially shifted the large BTC trove in two transactions.
The first transfer involves the movement of 50,562 BTC, worth nearly $1.08 billion at time of writing, to a wallet of unknown origin.
For the second transfer, the whale moved 23,542 BTC worth about $505 million at time of writing to a separate wallet of unknown origin.
A closer look at the whale’s activity shows that the investor eventually relocated the 50,562 BTC to the same wallet that collected the 23,542 BTC stash.
From there, the crypto whale transferred the huge Bitcoin trove in a series of large transactions that allowed the owner to store hundreds or thousands of BTC in separate wallets.
The total number of the shifted Bitcoin is slightly higher than the BTC that was initially transferred, suggesting that the entity behind the movements may have mixed in a few BTC in the process.
Crypto whales are known to shuffle their large Bitcoin troves, often begging the question of whether the owner is looking to sell their coins or shift assets around for security purposes.
This Bitcoin fortune in particular does not appear to be heading to an address owned by a crypto exchange, where the BTC could be sold in the open market.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
Source: https://dailyhodl.com/2022/11/04/bitcoin-whale-moves-1583709890-in-btc-in-series-of-staggering-transactions-heres-where-the-crypto-is-now/