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$370M In Bitcoin Was Just Transferred Between 2 Wallets

Benzinga logo Benzinga 5/13/2022 Benzinga Insights
© Provided by Benzinga What happened: $370,740,096 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.

This mysterious person's bitcoin wallet address has been identified as: bc1qjuv09uhkfzejfd64heew9g7kr6a9gsedcdn2md22vqdksdu0ar3s4l204h

$370 million worth of Bitcoin was sent to an unknown recipient, with Bitcoin wallet address: bc1qu8urg8cw9yh5phw8qfcpkhulxne6pcrhhl5hd0vjurewr0qaswgqvu79aa

Why it matters: Cryptocurrency whales that own millions of dollars in Bitcoin tend to move markets single-handedly. If the whale decides to exit this Bitcoin position, there could be enough market impact to push down the price of BTC. It takes about $15 to $30 million of sell pressure to move the price of Bitcoin down 2% on any given exchange.

Since this transaction wasn't sent to an exchange, it's unlikely that this Bitcoin whale is looking for liquidity. Instead, they may be transferring this to a different wallet for security purposes.


Video: Bitcoin Touches 11-Month Low (QuickTake)

You can view more details about the transaction here

According to Glassnode, there are 300,955 Bitcoin wallets with over $100,000 in BTC.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Bitcoin is up 4% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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