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A Whale with 94000 BTC is Starting to Move its Funds


A mysterious “Asian whale” accumulate more than 94 000 bitcoins during the first half of 2018. The fact that the “whale” started to move the funds back to one of the cryptocurrency exchanges from which originated created rumours of a new selloff, that could derivate in a collapse or new market fall

During a two-month period between March 25 and May 27, the blockchain address 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7  has accumulated more than 93 947 BTC worth $700 million at the time of writing.

“Since then, the wallet owner has reduced their balance by 8 000 BTC. The address sent 4 000 BTC directly to the exchange Huobi in two equally-sized transactions. They have sent another 4 000 BTC during that same timeframe, with the majority of those funds ending up at Huobi as well after being funneled through other addresses.

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Even after this reduction, the address still ranks as the 6th-richest in the bitcoin ecosystem, with a current value of approximately $650 million.”

The top 5 Bitcoin addresses belong to well-known cryptocurrency exchanges, however the 6th address remains unknown to the public. One more thing to take into consideration is that the exchange addresses are multi-signature wallets that start with the leading symbol “3”. So that takes out the possibility of the 6th address being a new exchange because its address is a one-signature address that starts with the leading symbol “1”.

Also, some of the data gathered by CCN shows that a significant portion of the funds originated from Huobi and China based wallet platform HaoBTC, suggesting the wallet’s owner lives in Asia or at least used an Asia-based broker.

However, China-based news outlet BABI Finance found that most of the funds appear to have been garnered from wholesale trading on over-the-counter (OTC) platforms. Large-scale buyers and sellers generally use OTC platforms to keep trades “off the books” and prevent them from having too much influence on the global spot markets, which often fluctuate wildly in response to large buy or sell orders.

BABI cites an anonymous source involved with OTC cryptocurrency sales who said that the wallet belongs to a broker in Dubai acting on behalf of an unknown — perhaps institutional — buyer.

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