On April 16th, blockchain analytics tool Bitcoin Block Bot picked up the transaction in which the mysterious entity shifted a total of 9,610 BTC valued over $603 million from multiple addresses to two wallets of unknown origins in a single transaction for a fee of just $24, according to distributed ledger tracker Blockchain.com.
Blockchain.com shows that the wallet that received 9,000 BTC has a history of 31 transactions and holds a massive fortune of 62,601 BTC. The second wallet that collected 610 BTC has a history of a single transaction. Both the receiving wallets have yet to spend the BTC troves.
So far, none of the addresses in the massive transfer have been linked to known crypto individuals or organizations, and the BTC does not appear to be heading to an exchange, where it could be sold on the open market. The transfer also comes as Bitcoin continues to trade above the $1 trillion market capitalization.
On-chain data analyst Willy Woo says that Bitcoin is undergoing a massive supply shock, similar to the inventory depletion of 2017.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory.
If you look back in the 2017 bull market, we saw like a five-month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”
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