A mysterious Bitcoin whale has suddenly moved 3,000 BTC worth over $80 million after sitting quietly on their coins since 2017.
Data from blockchain tracking firm Arkham Intelligence shows the whale beginning to accumulate in 2016, grabbing 3301 BTC in May of that year.
The entity later sold 200 BTC in September of 2017, when Bitcoin pulled off more than a 10X increase. Since then, the entity has laid low, not buying or selling any coins until early this week, when it decided to shuffle its BTC to two new addresses.
The address was worth over $200 million at one point, but the latest move brought its balance down to near zero.
According to on-chain data, the whale sent its coins to two newly created addresses for unknown reasons.
Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, recently noted that Bitcoin whales were in “risk on mode,” referencing the “interexchange flow pulse,” an indicator that measures the one-year cumulative net flows between crypto exchange Coinbase and derivative exchanges.
When the metric rises, it indicates investors are transferring more BTC from spot to derivative exchanges, which means they are willing to take on more risk.
“What data will change drastically if the bull run starts?
Interexchange Flow Pulse: Will a ‘risk-on’ attitude return to the crypto market in 2023?”
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