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- Major BTC investor transfers $330 million to Bitfinex.
- The investor accumulates a significant BTC position before the transfer.
- Investor labeled “smart whale” after profitable maneuvers by Lookonchain.
A prominent Bitcoin investor has reportedly moved approximately $330 million worth of Bitcoin to the cryptocurrency exchange Bitfinex. As stated by Lookonchain, a blockchain analytics company, this event is said to have taken place on Wednesday.
A smart whale transferred 11K $BTC ($330M) to #Bitfinex 1 hr ago.
The whale received 46,542 $BTC ($935M) from #Bitfinex at an average price of $20,083.
Then transferred 36.5K ($1B) to #Bitfinex at a price of $28,039.
Currently holds 10,042 $BTC ($304M), the profit is $390M. pic.twitter.com/0b5AFFwr3f— Lookonchain (@lookonchain) April 12, 2023
According to blockchain data, the BTC transfer was executed in a single transaction. Additionally, the analysis indicated that the transfer involved the movement of 11,000 Bitcoins from a digital wallet to Bitfinex, with each BTC valued at $30,114.
This substantial transfer occurs amidst heightened volatility in the cryptocurrency markets, with Bitcoin and other digital currencies experiencing notable price variations in recent weeks. Given Bitcoin’s recent upward trend, the transfer may indicate the investor’s intention to realize their profits.
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BTC whale’s wallet reveals accumulation strategy before $330M transfer
Conversely, data from Bitinfocharts showed that the BTC whale wallet had been accumulating Bitcoin over several months. At that time, the average acquisition price for Bitcoin was $20K. This implies that the investor had been gradually building a significant Bitcoin position prior to the large transfer to Bitfinex on Wednesday.
Before the transfer, the wallet was ranked as the 14th largest Bitcoin holder, with total assets exceeding $1.2 billion worth of tokens. Furthermore, the specific Bitcoin investor reportedly executed two transfers to Bitfinex in mid-March, further increasing their substantial cryptocurrency holdings.
On March 17, the investor transferred 16,000 BTC valued at around $427 million to the exchange. This was followed by another transfer of 9,500 BTC worth approximately $266 million on March 19. In light of the BTC whale’s activities, some analysts have interpreted these transactions as strategic maneuvers for profit. As a result, leading blockchain analysis firm Lookonchain has referred to the investor as a “smart whale.”
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