- A Bitcoin whale transferred 3,500 BTC netting ~$305M.
- Exchange Gemini reported no CEO involvement.
- Potential market volatility for Bitcoin traders.
An anonymous Bitcoin whale transferred 3,500 BTC, originally withdrawn from Gemini in 2022, to a new address, netting approximately $305 million in profit.
This transaction underscores Bitcoin’s potential for immense profitability and may stir short-term market volatility due to its significant scale.
An unidentified Bitcoin whale moved 3,500 BTC worth $408.63 million to a new address. This transaction marks a significant profit realization of approximately $305 million after the coins lay dormant for three years.
The whale originally withdrew the BTC from Gemini at $29,620 per coin. The move sparked discussions on potential short-term volatility in Bitcoin’s value, although no direct involvement from crypto executives has been reported.
Market analysts noted a spike in on-chain activity due to this transfer. While this could signal potential price adjustments, Ethereum and other altcoins remain unaffected by this particular move.
The transaction reflects a mature strategic reserve management approach rather than sheer profit motives. Industry experts monitor such whale movements for insights on potential market impacts. “A whale moved 3,500 BTC ($408.63M) to a new wallet after 3 years’ dormancy…originally withdrawn from Gemini at $29,620, now an unrealized gain of $305M (+294%),” noted an on-chain analyst from Lookonchain.
Historically, large Bitcoin shifts from inactive addresses can precede price fluctuations. Traders often interpret these moves as a sign of upcoming sales.
On-chain analytics are crucial in detecting major Bitcoin movements that may influence market liquidity and volatility. Strategic decisions by such whales can significantly impact Bitcoin’s market dynamics.
For detailed on-chain metrics and other large transactions, analysts can refer to the Lookonchain status update on Twitter.
