Bitcoin Whale Moved $1.3B In BTC For Still Unknown Reasons

Today’s cryptocurrency news come with a major headline in which one Bitcoin whale moved $1.3 billion in Bitcoin (BTC) and left many analysts questioning the true reason behind this move. Split across three transactions, the BTC whale decided that now was the time to move more than $1 billion in BTC.

Blockchain data shows that the unknown Bitcoin whale moved $1.3 billion which is over 132,000 BTC in three transactions which were just one minute apart on June 11. The cryptocurrency was moved in block 643,133 and the transactions came as the price of BTC was still under a key resistance level at $10,000.

At the time of writing, 1 BTC is valued at $9,602. The massive volume led to lots of speculations in the Bitcoin news and people are wondering if the BTC belonged to an exchange or a custodial service.

One Redditor even speculated that Coinbase Custody may be standing behind the move, but this is obviously only a rumor for now. As we reported earlier this month, the cryptocurrency exchange Bitfinex had moved 161,500 BTC or $1.1 billion at the time, which was the largest single transaction of Bitcoin in history.

Still, the Bitcoin whale moved over $1.3 billion which puts it on the second place for now. As you may know if you are reading our cryptonews daily, the honor of the first award goes to a 500,000 BTC transaction made on November 16, 2011 which was worth $1.32 billion at the time and around $4.9 billion at press time.

Meanwhile, the market information now shows that BTC is in a declining spirit as it lost more than 1.68% and went back to $9,602. The entire market is in a state of correction, and we can also see Ether (ETH) dropping below $241 and settling in the $240 region. Among the biggest losers in the top 10, we have EOS (EOS) which lost 3.22% on the day as well as Ripple’s XRP token which lost 2.65% and is now trading at $0.1964 again.

Almost no coin has gained in terms of value and as the Bitcoin whale moved $1.3 billion in three transactions, many speculate that this is one of the reasons for the recent reversal. The current total market cap is at $272 billion while Bitcoin’s dominance is at 64.8%.