There have been speculations and conjectures on the source of a massive bitcoin transaction on a wallet first accessed on September 5, 2019. The 94,505 bitcoin transaction went through a wallet that has made just seven transactions.
As expected the $1 billion transaction influenced the market positively with Bitcoin and several altcoins making gains. Bitcoin gained more than $200 moving from $10,564 to $10,790 in the wake of the transaction.
Blockchain analysts said that the transactions were mainly from Huobi wallets even though the exchange is yet to confirm it. The wallet has also made a $6,644 transaction on September 6 and a smaller coin movement of $6.66 a few hours later. This was after the big one that made investors to take notice of wallet.
The crypto community is always on the lookout for such big transactions known as whale movement. Since this is not an everyday occurrence, it usually would have instantaneous effect on the coin market.
There have been speculations on the source of the funds with some it could be linked with some institutional investments while others think it could be associated with some massive ponzi schemes that have crashed.
Just last week, there was another whale sighting in which $780 million worth of bitcoins were moved. Commenting on the latest movement, TokenAnalyst, the blockchain analysis firm that traced the transaction to a Huobi wallet wrote that they are keeping an eye on the coins sitting unspent at 37XuVSEpWW4trkfmvWzegTHQt7BdktSKUs. It’ll be interesting to know when and where it’ll be moved.