Crypto Market Notices $498mln Worth Bitcoin Being Moved to To New Addresses

The crypto market went into alert mode after a Bitcoin whale suddenly moved huge quantities of Bitcoins, worth millions of dollars, to two new wallets.

The transfer was first spotted by ledger tracker BTC Block Bot, which is routinely involved in tracking addresses holding large quantities of Bitcoins. As per BTC Block Bot, 8,684 Bitcoins worth $498 million was moved earlier today.

Interestingly, the fee for the entire transaction was just $52.95. The entire holdings in the wallet were moved and the wallet address currently does not possess even a single satoshi. The whale is listed as the 114th largest holder of Bitcoin, earlier to this transfer.

The Bitcoin holdings were split and moved to two distinct wallets. One of the wallets received 4,000 Bitcoins, while the other wallet received 4,684 Bitcoins. Both wallets have been created in recent times and did not have any Bitcoins in it, prior to the afore-discussed transfer.

None of the Bitcoin addresses involved in the huge transfer is known to have any link with any entities or famous personalities. Notably, the Bitcoins does not seem to be moving to any cryptocurrency exchange where it can be liquidated. This indicates that the shift was done by an individual or entity as a precaution or to make it easy for completing an over-the-counter sale.