1,600 BTC Transferred to Mysterious Whale Wallet, What’s Going On?

U.Today – In a move that has sparked interest in the crypto community, 1,600 BTC, worth over $108,860,042, was transferred from an unknown wallet to an unidentified new wallet. This transaction was reported by Whale Alert, a popular blockchain tracking service that monitors large-scale cryptocurrency moves.

This transfer is one of several large Bitcoin transactions that have occurred over the last 12 hours. According to Whale Alert, there have been five major Bitcoin transactions, including this one. The remaining four transactions involved the transfer of 1,500, 1,800, 2,000 and 2,100 BTC between unknown wallets.

The most recent transaction was 1,500 BTC worth $103,492,934, sent from an unknown wallet to another unknown address.

In three different transactions, 1,837 BTC worth $124,931,007; 2,100 BTC worth $142,920,979 and 2,000 BTC worth $135,826,428 were transferred among unknown wallets.

Large transfers, particularly between wallets, may be moved to private or cold storage, which may indicate a long-term holding plan, reducing selling pressure and potentially supporting price stability. The move could also be an OTC (over-the-counter) transaction, which occurs outside of an exchange.

While the intent behind these recent transfers remains unknown, the activity could signal preparations for large future moves on the crypto markets. The market is watching closely for further hints in the coming days.

What’s happening?

As traders wait for clarity on the crypto markets, Bitcoin has been seeing a notable decline in the amount of nonempty wallets.

According to Santiment, there are 211,540 nonempty Bitcoin wallets compared to three weeks ago, a strong sign of FUD that is typically associated with future bullish price performances.

At the time of writing, BTC was up 0.12% in the last 24 hours to $68,801. On the contrary, U.S. exchange-traded funds investing in Bitcoin experienced their largest daily net outflow to date. Bloomberg reported that the group of 12 Bitcoin ETFs, including BlackRock (NYSE:BLK) and Fidelity Investments, lost $579.5 million on Monday (NASDAQ:MNDY).

This article was originally published on U.Today