What happened: $426,868,940 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.
This mysterious person's bitcoin wallet address has been identified as: bc1q6pqn309cee3zchs9tn5gs5ft3mjkzmyf4grea0mmyhu9qvnn76tsdy52wc
$426 million worth of Bitcoin was sent to an unknown recipient, with Bitcoin wallet address: bc1qxhawn2f2490jugypfs785tm6x6e6evj40ecm64j3vh2ad6wrcqkqjwuqg6
Why it matters: Cryptocurrency whales that own millions of dollars in Bitcoin tend to move markets single-handedly. If the whale decides to exit this Bitcoin position, there could be enough market impact to push down the price of BTC. It takes about $15 to $30 million of sell pressure to move the price of Bitcoin down 2% on any given exchange.
Since this transaction wasn't sent to an exchange, it's unlikely that this Bitcoin whale is looking for liquidity. Instead, they may be transferring this to a different wallet for security purposes.
You can view more details about the transaction here
According to Glassnode, there are 306,810 Bitcoin wallets with over $100,000 in BTC.
See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers
Price Action: Bitcoin is up 4% in the past 24 hours.
See Also: How To Buy Bitcoin
Public Blockchain data sourced from Whale Alerts Twitter.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
