Breaking Whale Alert: $257 Million Worth of BTC Were Sent From an Inactive Address

A Couple of minutes ago, one of the top 20 wealthiest Bitcoin addresses had sent an enormous amount of 66,233, worth a little more than $257 Million. This address hadn’t been active since 2014.

The destination is unknown as writing these lines. It’s most likely an OTC address since such huge amounts can dump markets easily. The amount of Bitcoins that were sent is even higher than the last day’s trading volume of Binance – $205 Million and Bitfinex $155 Million.

The following is a screenshot taken from the transaction (still unconfirmed):

btc

What Could Be The Outcome?

It sounds horrifying for the bulls, but in case the destination is an OTC, there should be no effect on the secondary markets. Since for every trade, there are two sides – a buyer and a seller.

In the less-likely case that the destination is an exchange, then the situation might get very choppy for Bitcoin. This could turn out to be a manipulation to dump down the Bitcoin’s price to the $3000 area.

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Source: Crypto Potato