We now know from the on-chain data that a Bitcoin whale has moved 500 BTC. These Bitcoins have been at the same address for five to seven years at this point.
Generally speaking, this is not a good indicator when old coins are moving around. It may be that the Bitcoin owner may wish to store these currencies in other wallets. However, the likelihood that they desire to sell is often higher.
There is a small likelihood that it is merely a restructuring of wallets, particularly if the coins are sent to exchanges. In this instance, exactly what the whale in question plans to do with Bitcoin is unknown. The whale hasn’t done anything with this Bitcoin for a very long time, which is evident. Therefore, this whale has been quiet and very patient.
🚨 500 $BTC with the age between 5y ~ 7y has moved in last block.
These coins are bought between October 2015 & October 2017, making them OG coins😉
Data by @cryptoquant_com pic.twitter.com/ZEsPD73Hq4
— Maartunn (@JA_Maartun) October 14, 2022
Even if a 500-Bitcoin transaction has a total value of less than $10 million, it is not unusual in the broadest sense. Recently, more than 5,000 people started moving Bitcoins stored at the same location for seven to ten years. These Bitcoins didn’t seem to be going to an exchange. There wasn’t a significant increase in transaction time for the inflows on the major platforms, suggesting that a portfolio restructuring may have occurred.
A bitcoin address that had been dormant for nearly nine years transferred the entire balance of 5,001.51 BTCs to a new wallet on August 28, with a floating profit of more than $96 million. Funding source: https://t.co/kvIFpdMnex
— Wu Blockchain (@WuBlockchain) August 29, 2022
In August, a Bitcoin whale purchased a staggering 132,878 BTC for over $2 billion. This new whale currently controls 0.70% of all Bitcoins in circulation.