How it looked in the blockchain, a Bitcoin whale moved recently $ 1.3 billion in Bitcoin in amid the market volatility in the early hours of today (Thursday, June 11). Three wallet addresses were seen to move $ 436 million, $ 437 million and $ 439 million respectively, all in less than 1 hour.
While whale movements like this not new to the cryptocurrency scene, the transactions have left the bitcoiners speculating that all the transactions were carried out for the same cause, due to the similarity in quantity and closeness in time. Since the week started, traders have been left with many unanswered questions about why big players are moving so much money.
Speculation points to cryptocurrency exchange
After the appearance of reports of As Coinbase has been making plans to sell a Blockchain analytics tool to the United States government, users of cryptocurrencies in space have suspected that Coinbase or its users may be behind the surge in whale transactions.
Almost a week ago, the Crypto whale robot noted that more than $ 58 million in Bitcoin was being transferred from a Coinbase account. Two other transactions of more than $ 16 million and $ 19 million, all totaling $ 93 million, took place on the same day.
Since then Coinbase has come under fire from many popular personalities in the cryptocurrency market. In fact, Josh Rager conducted a survey asking cryptocurrency users if they are likely to boycott Coinbase after the event, and 66% of the 5,000 respondents stated that they are likely to withdraw their coins and remove Coinbase due to the IRS deal and the DEA.
There is an influx of new whales
Although much attention is drawn to Coinbase regarding the increase in whale transactions, cryptocurrency analyst Adam Cochran had revealed Previously, the new whales have been flooding the cryptocurrency space.
In April, when bitcoiners were preparing for the long-awaited halving Bitcoin that was listed for May 11, the data revealed that the whales had been aggressively accumulating funds, with more than $ 550 million in funds at the time. The amount is very close to the estimated $ 600 million capital Bitcoin was expected to see last year.
These newly arrived whales make up the top 10,000 Ethereum wallets and holders since they have transacted with large amounts of cryptocurrencies on leading exchanges like Kraken, Gemini, and Coinbase. The new addresses are said to have bought between $ 100,000 and $ 250,000 on Ethereum, which accounted for 6% of the 10,000 addresses. From December through April, cryptocurrency whales have purchased over $ 650 million in cryptocurrency on Ethereum alone.
Despite the Coinbase controversy, it cannot be argued that new investors are following the cryptocurrency industry, particularly in the hope that Bitcoin can serve as a best store of value, as Fiat has been struggling to stay afloat in the midst of the global recession that is plaguing 2020.
With Bitcoin outperforming gold and more recently outperforming the stock marketInvestors will continue to gravitate towards Bitcoin in the coming months.