Bitcoin (BTC) price records seem to continue to wake up the “whales.” An anonymous address transferred more than $2 billion worth of BTC last night. What do we know about it?
Whale transfers billions of dollars worth of Bitcoin
According to analytics firm Arkham Intelligence, which reported this mysterious movement of funds, this is the same whale that transferred several billion dollars worth of BTC earlier this month:
The entity that moved $8.6 billion worth of BTC to eight new addresses has just emptied two of those addresses completely.
A total of 18,643 BTC were transferred, worth more than $2 billion at the time of the transaction.
The funds were directed to an address on the Galaxy Digital exchange platform.
Who is this whale? Nicknamed OG Whale by part of the community, its movements are being closely watched because no one knows who owns the address. According to analyst Conor Grogan, it could be Bitcoin held by a miner who was active in 2011. If this is the case, it means that the BTC was produced when the cryptocurrency was trading at around $1, with a peak of $29 reached that same year. We are therefore a long way from the $123,000 reached yesterday. This would be the first time that this whale has decided to cash out after holding onto its BTC for nearly 15 years. It is, of course, an insane return on investment, which appears to have been motivated by the recent rise in the price of Bitcoin.
The price of the largest cryptocurrency has reached a new record high in a particularly positive macro environment: the US is legislating on the sector this week, while there is a rush towards stablecoins and crypto ETFs continue to generate enthusiasm among institutional investors.
In other words: the circumstances are unprecedented, and this is what has led several large holders to cash out on assets that have been immobile for many years. This is further proof of Bitcoin’s exceptional resilience.
