🔥🔥🔥 #cryptowhales at Play? Dormant $2 Billion in Bitcoin Shift During Price Correction | Cryptoglobe

Recently, a substantial sum of $2 billion in Bitcoin ($BTC) has been on the move across various wallet addresses, believed to be associated with a single entity. This massive amount had remained dormant since 2019, with its last movement recorded back in 2013.

#Blockchain analytics firm Arkham Intelligence uncovered that the Bitcoin in question had historically been transferred at consistent times and dates, despite being distributed among numerous addresses. The funds were consolidated from 49 distinct Bitcoin addresses into just five, each now holding between 8,000 BTC and 12,000 BTC, equivalent to $380 million to $480 million.

The consolidation suggests a security measure, possibly for cold storage, where the entity spreads its holdings across multiple addresses to enhance fund security. The timing of this movement coincides with a correction in Bitcoin's price, following a remarkable 160% surge in the past year. Expectations of a U.S. approval for a spot Bitcoin exchange-traded fund (ETF) drove this surge, anticipating increased demand from both institutional and retail investors.

A spot #BitcoinETF💰💰💰 enables investors to access the cryptocurrency through a regulated product without managing private keys to a cryptocurrency wallet.

This substantial Bitcoin movement aligns with a period where Bitcoin miner reserves have hit their lowest point since July 2021, standing at 1.83 million BTC, having decreased by around 22,800 BTC in the past year. Despite the decline, the value of these reserves still totals $78 billion.

Interestingly, these funds are in motion shortly after witnessing the largest Bitcoin transaction of the year, where a BTC whale moved an impressive $665 million worth of the #cryptocurrency in a single transaction.

Source - cryptoglobe.com

#BinanceSquare $BTC