News
Bitcoin Whale Moves Millions After 2020 Crash
A bitcoin whale that received coins days before the 2020 Covid crash and held onto them for nearly four years has recently moved $377.6 million worth of them. The wallet, 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x, sent approximately 4,582 BTC to five addresses on Monday, with four addresses receiving exactly 1,000 BTC each and the fifth receiving about 582 BTC. The coins arrived in the wallet on March 3, 2020, from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. The value of the coins had risen ninefold by the time they were moved, from about $40.8 million when they arrived. The wallet sent nothing out for more than four years after receiving the coins, with its first outgoing transaction being a small payment of 0.009 BTC to bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g, with the rest of the bitcoin returned to the same wallet. Several on-chain analysts have noted a relation between long-dormant whales moving coins and market volatility, as large transfers from long-held wallets are often interpreted as a sign that the owner may be preparing to sell. However, they can also reflect routine security measures, such as moving coins between addresses controlled by the same owner. The purpose of the latest transfer remains unclear, as several addresses linked to the US government have also moved bitcoin worth at least $1.5 billion, with the intent of these movements being unclear.