Blockchain intelligence firm Arkham raised eyebrows yesterday when it did just that male That $2 billion in Bitcoin (BTC) Sitting largely still since 2013 has moved. What’s going on?
The 49,858 cryptocurrencies moved once before in 2019, but had not budged before that since 2013, according to Arkham.
The price of BTC rose in 2013 from $13.51 to just over $1,000 per coin before falling and closing the year at $754.
Its price now stands at $42,544. According to to CoinGecko, which means everyone sitting on the mysterious stash that was transferred yesterday has made some serious gains.
“Whales” – investors who store large amounts of cryptocurrencies –Move sometimes Their digital investments after years to new addresses.
But it is unlikely that the movement of so much Bitcoin yesterday was made by one person.
Blockchain company CryptoQuant said Decryption Large transactions like this are usually done by a large company.
“With transaction patterns, we expect the transfer to be done by an exchange or custodian to move funds from an existing wallet to a new wallet,” the company said.
Bradley Park, a Web3 analyst at CryptoQuant, added that by analyzing the data, it is likely that the coins were transferred by Coinbase, the largest digital asset exchange in America.
Investors holding huge stashes of cryptocurrencies are the biggest winners, according to the Bank for International Settlements He said In last year’s report. While those who tend to buy and sell Bitcoin within a short period are more likely to lose.
This is because the price of the largest cryptocurrency by market cap has increased in value significantly in the long term but is still subject to significant fluctuations in the short term.
Just last week, the price of Bitcoin rose Almost touched $49,000 yet A historic start Bitcoin ETFs in the US. Bitcoin ETF It gives investors the ability to gain exposure to BTC without directly purchasing and storing the asset, which is largely expected to bring significant amounts of Wall Street capital into the cryptocurrency markets in the long term.
However, the excitement over the SEC’s approval of a Bitcoin ETF — which the cryptocurrency community has sought for more than a decade — hasn’t been enough yet to move the needle in the BTC market in a significant way. Bitcoin is down nearly 40% from its all-time high in November 2021 of $69,000.