Someone Just Sent $698M In Bitcoin To An Anonymous Wallet

What happened: $698,727,795 worth of Bitcoin BTC/USD was just moved between 2 anonymous cryptocurrency wallets in a single transaction.

This mysterious person's bitcoin wallet address has been identified as: 38jfsV2ormqiGNKvuZh4FSPzQFktQEN2sq

$698 million worth of Bitcoin was sent to an unknown recipient, with Bitcoin wallet address: 3QLZTiYWp3a7poaKSxsuXgugpQ4JB73yB8

Why it matters: Cryptocurrency whales that own millions of dollars in Bitcoin tend to move markets single-handedly. If the whale decides to exit this Bitcoin position, there could be enough market impact to push down the price of BTC. It takes about $15 to $30 million of sell pressure to move the price of Bitcoin down 2% on any given exchange.

Since this transaction wasn't sent to an exchange, it's unlikely that this Bitcoin whale is looking for liquidity. Instead, they may be transferring this to a different wallet for security purposes.

You can view more details about the transaction here

According to Glassnode, there are 399,260 Bitcoin wallets with over $100,000 in BTC.

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Price Action: Bitcoin is down 0% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga's automated content engine and reviewed by an editor.