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Bitcoin Whale Moved $1.9 Billion in BTC As Exchange Balances Fall

According to legend, there is never a dull day in crypto. This occurred on Saturday, when a mysterious Bitcoin whale created a wallet and deposited 44,612 BTC worth an estimated $1.89 Billion.

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ZyCrypto may now confirm the transaction, which moves this whale up to the fourteenth position on the Bitcoin Rich List. Following the purchase, speculation has centred on who may have carried out such a massive transaction. Some netizens have even made light of the entity’s unflinching delivery of the massive hoard.

“Didn’t even send a test transaction. The balls on this whale is something to behold,” one Redditor said.

“According to reports, he did not even send a test transaction. What if the test transaction totaled $1.8 Billion? I’m not surprised.” Another joke.

While some contend that this is not a new whale, others, such as Chinese Journalist ‘Wu Blockchain,’ attribute the behaviour to an institution or cryptocurrency exchange that conducts normal Bitcoin storage.

Others believe the transaction is connected to the Department of Justice’s recovery of 94,636 Bitcoin from a Manhattan couple suspected of being behind the infamous 2016 Bitfinex hack that resulted in the loss of 119,754 coins.

Although this is the wallet’s initial transaction, a closer examination of the address activity gives additional light on yesterday’s activities. According to Blockchain.com records, the Bitcoin originated from another address that previously held 45,412.48. The whale appears to have generated a new wallet or used an old but unused one to send 44,612 BTC while spending the remainder (800BTC).

“It is likely not what people believe. According to the transaction facts, the transaction was most likely a change of address. That is an address that formerly belonged to the owner but was never used,” another Reddit user argues.

Regardless, with Bitcoin showing a bullish comeback after dipping below $34,000 a few days ago, exchange inflows have decreased. Whale Alert, an on-chain data service provider, has reported a rise in the number of large transactions over the last three weeks, with over 10,000 BTC coming into wallets since Thursday, a circumstance that typically occurs before the crypto markets recover.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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