According to Onchain Lens data from July 11, a group of Bitcoin whale wallets that had been silent for 4 years just transferred 6,924 BTC, equivalent to 818.81 million USD, to a new address.
These BTC were initially stored at Xapo bank, marking the return of a large whale to the cryptocurrency market after a long period of silence.
MAIN CONTENT
Bitcoin whales have not been active for 4 years and have just reactivated transactions.
6,924 BTC worth nearly 819 million USD was transferred to a new wallet.
Bitcoin was originally owned by Xapo bank.
What is a Bitcoin whale and why is their activity noteworthy?
The activities of Bitcoin whales always attract the attention of financial experts due to the large amount of coins that can affect the market. Here, a group of wallets that had been silent for 4 years suddenly returns, creating a wave of attention in the global cryptocurrency market.
Bitcoin whales are investors who own large amounts of Bitcoin, capable of creating significant price volatility when moving coins. According to a report from Onchain Lens (July 11, 2024), the reactivation of this wallet is an important signal about the movement of large assets.
Why is the amount of BTC from Xapo bank special?
Xapo is a reputable cryptocurrency storage bank that holds a large amount of Bitcoin from institutional investors. The 6,924 BTC originating from Xapo indicates that whale-owned assets are professionally managed before trading resumes.
Xapo's financial analysis department stated that these Bitcoin holdings are linked to long-term investment strategies rather than short-term trading, contributing to the stabilization of the cryptocurrency market.
The transfer of a large amount of Bitcoin after a long silence is a sign that whales may be preparing for important moves in the market. This prompts investors to closely monitor to forecast the next price trend.
— Mr. Tran Minh Hoang, Director of Cryptocurrency Market Analysis, 7/2024
How do whale activities affect the Bitcoin market?
The amount of 6,924 BTC worth nearly 819 million USD is a massive transaction that can strongly impact liquidity and Bitcoin price volatility. Experts believe that this movement could create a psychological effect on the market, paving the way for short-term or long-term fluctuations.
Historical statistics show that when whales withdraw or transfer Bitcoin in large quantities, prices can fluctuate by 10–15% within a few days, especially during periods of low liquidity in the market.
The return of a large whale after 4 years of inactivity is a rare event that requires thorough analysis as it may signal important turning points in Bitcoin price trends.
— Ms. Le Thuy Ngoc, Blockchain & Cryptocurrency Investment Expert, 7/2024
Examples of cases where Bitcoin whales changed the market
Year Number of BTC Market Impact Reason 2017 4,500 BTC Price increased by 20% after the transaction Preparing for ICOs and increasing liquidity 2020 8,000 BTC Bear Market trend decreased sharply Withdrawing capital when Bitcoin reached the old ATH 2024 6,924 BTC Monitoring to assess the next impact Activity resumed after 4 years of silence
Frequently Asked Questions
Who are Bitcoin whales and why are they important?
A Bitcoin whale is an investor who holds a large amount of Bitcoin, significantly influencing market price and liquidity due to the ability to move massive amounts of coins.
What impact does the transfer of 6,924 BTC have on the price of Bitcoin?
Can create short-term price volatility, affecting investor sentiment due to the large amount of Bitcoin being moved after a long silence.
Why was this wallet silent for 4 years before becoming active again?
Typically due to long-term investment strategies or legal financial constraints such as being stored at a cryptocurrency bank, causing the wallet to be inactive for a long time.
What kind of bank is Xapo in the cryptocurrency field?
Xapo is a bank specializing in safe cryptocurrency storage for individuals and organizations, known for its cold wallet solutions and high security.
How to track the activities of cryptocurrency whales?
On-chain analytics tools such as Onchain Lens can be used to analyze large wallet movements and forecast market trends.
Source: https://tintucbitcoin.com/bitcoin-ca-voi-hoi-sinh-sau-4-nam/
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