Unknown Crypto Whale Moves $300 Million into BTC

Recently, an unknown crypto whale (someone who holds vast amounts of wealth in the form of cryptocurrency) just moved $319,120,100 in Bitcoin, transferring the funds to an unknown wallet. This particular wallet received a total sum of 55,688 Bitcoin and currently has an entire worth of $482,863,640.

Ki Young, CryptoQuant CEO, sheds some light on this and states, “when fear hits the BTC market, whales are active in exchanges for various reasons. The uptick in June this year seems to have borrowed BTC to fill up collaterals for long positions if you see its heavy flows between spot and derivative exchanges.”

It should be interesting what the next couple of months hold for cryptocurrency with many major world events unfolding.

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