Bitcoin whale on the move: On December 3, the Blockchain transaction history recorded a transfer of over 66,000 Bitcoin. The community rightly asks: What is behind it? And perhaps more importantly, what is in store for us?
Some thoughts on the current Bitcoin profit wallet activity
The dreaded Bitcoin profit whales do not have the best reputation in the community – theoretically they have the possibility of a scam and to influence the prices on the crypto market significantly. The last case that caused a furore was certainly the mysterious 1933p Wallet. A movement of 111,114 Bitcoin in September correlated with a break in the price and suspected manipulation around Tether. The suspicion fell on Dread Pirates Roberts, one of the moderators of the DarkNet marketplace Silk Road or even on employees in the haze circle of the Bitcoin stock exchange Mt.Gox. Ultimately the case could not be clarified however.
In the last few days, a similar wallet movement has emerged: An address that has existed since 2014, but since then has only recorded inputs, has suddenly issued a whopping 66,233.75 bit coins. The unknown person(s) behind the wallet distributed the coins to a total of nine different wallets on 3 December. Now the question arises: What is behind it? We listened to the community and collected four theories.
Work on Bitcoin profit
A guess that suggests itself is current Bitcoin profit maintenance work at onlinebetrug.de. The stock exchange announced this on 29 November via a blog post:
“In the next seven days Coinbase will carry out scheduled maintenance work on our platform, which can lead to movements on all Coinbase supported blockchains. These are controlled, strictly monitored movements that are performed to provide our customers with greater security and protection.”
And indeed, in an entry on the Russian crypto site Freedman Club, “Eugene Crypto” identifies the address from which the movements originate as a Cold Wallet from Coinbase. This would suggest that the stock exchange wants to provide more liquidity on its platform. On November 30 and December 1, just before the BTC started moving, Coinbase reported delays in sending Bitcoin. This supports the theory that Coinbase is using its cold wallet to increase liquidity.
Coinbase has not yet responded to a request from BTC-ECHO.