Bitcoin whale seems to be accumulating Bitcoins on the OKEx crypto exchange. The Bitcoin whale has moved four thousand Bitcoins onto the exchange, the value of which is close to thirty-two million dollars ($32M) at the current trading rate. The activity was detected yesterday by Twitter’s whale_alert. The service detected large-scale transactions heading to OKEx from the wallet.
This is occurring during a time in which Bitcoin’s price has fallen below the eight thousand dollar mark and is expected to fall to seventy-five hundred dollars.
Bitcoin whales and why are they important
In crypto markets, ‘whales’ or traders with a massive amount of digital assets are said to be controlling the markets. In such a market, tracking transactions conducted by these whales can be considered as market analysis. Whales are high net worth wallets that are often seen making moves before a significant movement in an asset’s price.
By tracking their movements, it is possible to analyze the markets and predict which way the market would go. Usually, when a whale collects assets on an exchange, the movement indicates a ‘dump’ in which the address sells all of his assets to exit the markets.
Diving into the address’ history, it is observed that the address has conducted over four hundred transactions. The user had sent Bitcoin worth nearly three billion dollars ($2.8B) since its creation four years ago. Despite sending out more than a quarter of a million Bitcoins, the wallet still has close to thirty thousand Bitcoins.
As things proceed, the address would completely empty itself in the next few weeks. Regardless, it remains unknown who the address belongs to. The assets’ worth suggests that it may belong to a hedge fund looking to offload its Bitcoin stacks.