If you have been planning to sell your Bitcoins just because the crypto has been in red for the past two months, here is the motivation you may need. A large group of mysterious Whale accounts that were inactive since December 2018 have suddenly woken up and added thousands of Bitcoins worth Rs 62,789 crore to their accounts. What's even more fascinating is that all of these whale accounts have added these coins almost at the same time, as if they were in sync.
According to BitInfoCharts that labels Bitcoin addresses owned by cryptocurrency exchanges, the Whale addresses bought 28,377 Bitcoins worth $841.85 million or Rs 62,789 crore. All these purchases were made on July 17 and July 18 in a synchronised manner. These accounts collectively held 8,000 Bitcoins before their latest spending spree over the weekend.
All these accounts went dormant at the same time and decided to return to make the purchases on the same day as well. This suggests that all these mysterious accounts are probably owned by the same person or group of persons. However, there is no way to confirm that.
The accounts do seem to be following a pattern though. The BitInfoCharts data confirms that at least four of these accounts bought Bitcoins at the same time on July 8 while other four made the purchase around the same time on July 17. Three more accounts completed the transactions later on the same day.
The purchases come at a time when Bitcoin has been bleeding for most part of the past two months. It showed negative sentiment after Elon Musk and Tesla announced that they will not accept payments in Bitcoin earlier in May. This was followed by crackdowns by different governments due to the environmental concerns around Bitcoin mining.
The whale accounts have become popular among crypto enthusiasts for buying and holding a vast share of popular coins. The downside of this is that these accounts have the power to influence the price of any cryptocurrency with a single trade. In the latest case, Bitcoin has lost more value ever since the massive transaction took place.
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