A massive Bitcoin whale has moved a staggering 31,000 $BTC that\u2019s, at the time of writing, worth more than $820 million, out of its cold wallets that had been inactive since late 2022 and had received funds from multiple exchanges.<\/p>\n
According to data unveiled by prominent blockchain intelligence firm Arkham Intelligence, the wallets\u2019 history suggests that they previously received a notable deposit of 21,600 Bitcoins, transferred directly from renowned cryptocurrency exchanges Binance and Huobi in the early fall of 2022.<\/p>\n
The whale currently holds BTC in two wallets, one with 20,000 BTC in it, and another with 11,200 BTC in it.<\/p>\n
This significant activity took place just one day after an intriguing series of substantial Bitcoin transactions that saw over $1 billion worth of Bitcoin moved across multiple wallets.<\/p>\n
As Benzinga reports, on-chain transactions tracker WhaleAlert reported five unidentified wallets transferred a total of 7,206 Bitcoins to a singular anonymous wallet earlier this week.<\/p>\n
Moreover, a sixth transaction equal in monetary value but directed to a different anonymous wallet took place. This series of transactions amounts to a total of 43,236 Bitcoins exchanged, equivalent to an astonishing $1.13 billion.<\/p>\n
These movements, taking place within such a short span, raise questions about market trends and speculation. whether these colossal transactions are an indication of an impending shift in the Bitcoin market remains to be seen.<\/p>\n
As CryptoGlboe reported, strategists at JPMorgan, led by Nikolaos Panigirtzoglou, have reportedly suggested that the rising price of gold could imply a Bitcoin price of $45,000. The two assets, often seen as alternatives by investors, tend to move in tandem.<\/p>\n
The current gold price, nearing $2,000 per ounce, would suggest a Bitcoin price of $45,000, given the value of gold held for investment purposes outside central banks is currently around $3 trillion. The strategists propose that this could lead to Bitcoin equalizing gold in private investors\u2019 portfolios in risk capital or volume-adjusted terms.<\/p>\n