A Giant Bitcoin Whale Has Emerged: Bitcoins Are Moving!

 

As the leading cryptocurrency Bitcoin moves to break an all-time high, a giant whale is at work. A giant bitcoin whale has repositioned BTC worth hundreds of millions of dollars.

Giant crypto whale revealed: $ 703 million Bitcoin in action!

Distributed ledger monitor Blockchain.com according to The, an unknown whale instantly transferred 11,999 BTC worth $ 703 million for a fee of $ 571. The wallet, created in December 2018 and receiving and sending a significant amount of BTC in the same month, is the 60 largest before the transaction, according to BitInfoCharts. Listed as BTC address.

The large stash of BTC was then moved through a series of processes involving varying amounts of BTC. So far, the cryptocurrency does not appear to be going to any cryptocurrency exchange address where it is known that it can be sold on the open market. Since none of the addresses have been identified, it is not known whether BTC belongs to an early investor or an institution that manages large amounts of crypto.

Large-scale whale operation comes amid Willy Woo's “supply shock” forecast

The large-scale whaling transaction comes amid what on-chain data analyst Willy Woo calls a “supply shock,” indicating the next leg in the bull market is approaching. Willy Woo expects the price of a single BTC to exceed $ 2 million. Willy Woo said the following about the issue:

WE CAN SEE THIS BY TRACKING THE FLOW OF CRYPTOCURRENCIES THAT TYPICALLY COME OUT OF EXCHANGES WHERE PEOPLE SPECULATE OR BUY AND SELL CRYPTOCURRENCIES... SOME OF WHICH ARE ALLOCATED FOR SPECULATION, THEY HAVE AN INVENTORY. WE HAVE SEEN AN UNPRECEDENTED AMOUNT OF THIS INVENTORY RUN OUT. IF YOU LOOK BACK AT THE 2017 BULL MARKET, WE SAW INVENTORY RUN OUT IN FIVE MONTHS, AND THAT WAS ENOUGH TO BOOST THE 2017 BULL MARKET FROM ABOUT $ 1,000 INITIALLY TO $ 1,500. THE EXHAUSTION IS OVER, AND NOW WE ARE IN THIS REGION WHERE LEHMAN HAS EXPERIENCED 12 MONTHS OF INVENTORY DEPLETION.

According to CoinGecko, the leading cryptocurrency Bitcoin is trading at $ 59,360 at the time of writing.