Bitcoin Whales Swimming Upstream Moving $38 Million In BTC Transferred In Two Transactions
The long-awaited Bitcoin bull trend finally materialized in the early hours of May 19, displaying a rapid hourly price gain of 7 percent, piquing the attention of the entire crypto industry as well as the entire financial markets in general. One of those who witnessed the remarkable event was the observant whales, which wasted no time in completing the transfer of 5,000 BTCs in just two separate transactions.
Huge Amount Of Bitcoins Moved
At exactly 06:58:55 UTC on May 19, the first chunk of Bitcoins were moved, according to WhaleAlert, an online tracker of cryptocurrency-transaction. The first transfer was for 3,000 BTC, which when converted to USD amounted to $23.68 million.
This transaction happened between the following two addresses:
The transaction in question has the following hash:
After a short while, another set of Bitcoins were moved. This time around the sum of 2,000 BTCs worth more than $15.78 million was transferred from an unfamiliar wallet to Bitfinex, an exchange well known for its controversies. Whale Alert reported that the very same person behind the above transfers, that is 1HL5rZWw5rGzFAB1mThEMxwazEBtWigs7B, was actively involved in this very transaction also.
Whales Take Advantage Of The Bitcoin Price Gain
Blockchain.com have calculated the total input to the sum of $39.76 million, while on the other hand, the BTC transfer with regards to the second transaction involving Bitfinex was summed up to around $15.19 million.
The timing of this movement couldn't be more accurate as this period is one in which large investors in the Bitcoin market stand to make staggering profits as the digital asset has begun a bullish run in May. Data from ProofofResearch confirmed that Bitcoin whales have already taken advantage of the Bitcoin's 30 percent price increase since the month began.
However, the whales have long found their way out of the market, taking their huge profits with them, according to the researcher.
Bitcoin Almost Surpasses The $8,000 Mark
Subsequent to the pullback of last week, Bitcoin's price has once again surged and this time more impressively, even though it was for a short time, passing both the $7,800 and $7,900 marks and making efforts to hit the $8,000 mark. This will be the top cryptocurrency's second try in a week.
After trying to strike $8,000 without success, Bitcoin price declined and is now around $7,000 following the pull-back, an event many attributes to a market correction, a significant transaction on Bitstamp and the post-Consensus bears. Certain people believe that Bitstamp had a role to play in the pullback when the Japanese exchange saw a 5,000 BTC sell order priced at $6,200.