The giant whale that transferred 850,000 BTC Revealed

For the past week, many people have noticed that a giant whale suddenly transferred nearly 850,000 BTCs, which are worth billions of dollars based on current prices.

On last Tuesday, the 66,452 BTC in the address 1PnMfRF2enSZnR6JSexxBHuQnxG8Vo5FVK was directly transferred to another address, and then evenly distributed to 100 addresses, each containing 662.52 BTC, and the other address received 200 BTC.

According to BitInfoCharts, this address was once the ninth bitcoin address.

In addition, another whale address (containing 66,379 BTC) began to split in the same way and was distributed to another 101 addresses.

A few days later, we found that some people put a lot of bitcoin into 107 addresses containing 8,000 BTC, and the total amount of funds involved reached 107 * 8000 = 856,000 BTC, which has reached the peak of MT.GOX. .

So, which whale has such amount?

Some analysts said that these bitcoins belong to the fee.org website because some of the addresses involved are marked by bitinfochart for the fee.org wallet address, but in fact this analysis is unrealistic. The reality is provided by FEE.org. The BTC donation address is 15B8iGCndPacYsvLqrTNL4LqjHo7JX752h. It has only received 2.21485713 BTC so far, and it was disposed of immediately after receiving it. According to F2Pool co-founder Shenyu, FEE.org is likely to use Coinbase directly.

Fee.org hodl BTC? This is not realistic.

In fact, as early as the end of November, Coinbase posted an announcement in its official blog, which mentioned:

Over the next seven days, Coinbase will maintain regular maintenance on our platform, which may result in the movement of all blockchains (assets) supported by Coinbase. These activities are controlled and closely monitored to provide our customers with better security protection…”

The large amount of BTC transfer occurred just between December 1st and December 6th, just in line with the time point mentioned in the Coinbase announcement.


Together with the information of more than 13 million addresses associated with these transactions, it also coincides with the number of Coinbase addresses.

The above evidence is enough to show that the 856,000 BTC belongs to the Coinbase platform and its users.

So why does Coinbase have to do such a big move?

Personal guess, in the current bear market, Bitcoin transaction costs are very low, which can be said to be a good time to organize, in addition, the funds are transferred from the legacy address to the SegWit “bc1” address, which can effectively reduce the transaction cost. Redistributing wallets can spread the risk of a single point of failure, a common financial network security strategy.

What the author wants to say is that we should not over-interpret the large amount of bitcoin transfers. In fact, many bitcoin transfers in history have finally proved to be the exchange’s wallet.

Ethereum Whales in Bear Market

2017 is one of the most difficult years for cryptocurrency market, the unpredictable bear condition is really not an easy times for everyone in blockchain verse. The latest plunge has been prolong worst than anyone could anticipated, many small retail investors or weak hands were forced to choose to liquidate.

Yet, under such unfavorable market sentiment, many rich wallet are increasingly hodling more and more cryptos. So, what really happened ‘behind the scene’?

Ethereum Whales Started Hodling in Every Level Down

According to the latest blockchain data, big numbers or rich wallet – that generally referred to as “whales” – still stubbornly on hodl during the fall of the currency bargaining price at Ethereum, and their Ethereum positions have doubled from 2017 level. .

Based on Diar’s research, among the 1000 Ethereum addresses with the largest holdings, there are 500 addresses are active. These wallets have hoarded a large number of Ethereums this year alone, and their Ethereum positions have increased by 80% since January – more than any period in the history of Ethereum.

As of end of November, these addresses stored a total of 20 million Ethereum, valued at nearly $2.2 billion, which is accounting for nearly 20% of Ethereum’s overall liquidity.

Part of the reasons, Diar believes that the increase in the number of ETH positions in the whales is due to the lackluster performance of the ICO tokens, and shaking the confidence of investors.

In addition to the pressure from the US Securities and Exchange Commission (SEC) and other regulators around the world, most ICO startups failed to deliver on their promises. Many ICOs are broken. In this case, traders who once converted Ethereum into various ERC20 tokens hope to mitigate losses and convert these tokens with Ethereum.

The report pointed out that the increase in ETF’s position in active whales is likely to be due to the fact that traders have stopped trading tokens. Most of these tokens have Ethereum trading pairs, and their accounts have experienced a sharp decline compared to the beginning of this year.

However, the increase in the number of whale positions seems to have little related with the increase in the address of the whale. Since January, the number of active whales has been reduced by 30%, and Ethereum has been concentrated in a few addresses. Despite this, compared with the beginning of 2017, the current Ethereum holdings are not so concentrated. At that time, the whales held about 33 million Ethereums, more than one-third of the total Ethereum.

Diar concluded that although it is not clear what the purpose of the giant whale hoarding Ethereum and its Ethereum position value fell by 90%, its position in the fourth quarter increased by 270% compared with the third quarter, which showing sign of positive outlook.

Increased of Bitcoin UTXO

On my numerous casual conversations with crypto traders and investors, it is not hard to sense that many wealthy investors started to add digital assets notably Bitcoin into their investment portfolios.

Unsurprisingly, the whales are not only hodling Ethereum, but also certainly the digital gold bitcoin, indicating a trend of bargain-hunting in the bear season. Another obvious sign that if you look into the volume of Bitcoin traded increases significantly especially after every sharp price fell. The opposite can tracked after everytime the Bitcoin price moves up, the volume had not been that great. These show that these whales are patient, they only buy at bargain, and see no reason to chase the price at higher levels.

The cryptocurrency analyst FlibFlib used the untraded output (UTXO) size of the Bitcoin network as a potential indicator in mid-November. He pointed out that an increase in UTXO means that someone is collecting money. Conversely, if this indicator is down, the investor may be Selling bitcoin.

An Unspent Transaction Output (UTXO) that can be spent as an input in a new transaction.

Considering that UTXO has been increasing since July, even when it fell last month, many people think that the bulls will continue to buy bitcoin. However, FlibFlib said that this incremental purchase is not enough to raise the price of Bitcoin. Unless UTXO increases significantly and bitcoin prices rise slightly, this will mean that the bear market will come to an end.

Thanks for reading. That’s all for the time being.

This article is not meant t o be financial advice. Trading crypto carries extraordinary risks.