In a recent event, Bitcoin Whale transferred a hundred million dollars worth of Bitcoin in one transaction. It was discovered that the whale involved transferred 2,001 BTC worth $97.29 million from the US-based crypto exchange Coinbase.
The transfer fee paid to execute the transaction was 0.000102 BTC. It was also identified that the wallet to which the transaction was carried out was owned by the OKEx crypto exchange. The wallet is a cold wallet, which means that the Bitcoin was taken offline.
After the Bitcoins were moved offline into cold storage, Glassnode a data analyst firm, indicated that a huge amount of Bitcoin is being moved from weak investors to investors that are known to keep their crypto dormant.
The supply of Bitcoin is shifting from a liquid state to an illiquid state at a rate of 100,000 BTC per month. Illiquid coins are those that are stored in wallets that have little history of spending them, these are wallets associated with bull market buyers.
At the time of writing, BTC was trading at $51,215.33.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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