When a large whale moves in the sea, it creates ripples across the water. Similarly, when a substantial bitcoin (BTC) holder, often referred to as a crypto whale, moves its coins on-chain, that creates buzz on social media, prompting observers to wonder if it’s a prelude to a sale and potential downside price volatility.
Early Friday, two wallets, labelled “12tLs…xj2me” and “1KbrS…AWJYm“, moved 20,000 BTC, worth over $2 billion, to new addresses, according to data tracked by blockchain sleuth Lookonchain. The addresses received these coins on April 3, 2011, when bitcoin was priced at around 78 cents.
Today, BTC is over $109,000, implying a staggering 140,000-fold return for the two whale addresses, which indicates they have a significant incentive to liquidate their holdings. Many long-term holders have been selling their coins ever since BTC crossed above $100,000 in May.
That said, the latest transfers were made to non-exchange addresses that have gone silent since receiving these coins. Therefore, it’s too early to conclude that the transfer operation is aimed at taking profits. The implications of such large movements in the crypto space continue to generate discussion and speculation, reflecting the inherent volatility and unpredictability of the market.
