Billions Of Bitcoin Moved In Minutes: What Happened?

If you have been following our crypto news lately, you probably noticed that over the past few hours the price of Bitcoin was changing. This is due to the latest buzz where billions of Bitcoin have been moved which is what affected the price and the recent movement.

According to the analyst Wong Joon Ian, “either @whale_alert (a bot tracking large and suspicious cryptocurrency transactions) is broken or several billion worth of BTC just moved around in a few minutes.”

He also pointed out to the fact that the billions of Bitcoin were moved all over. Indeed, we can see that the Whale Alert profile registered a series of more than 10 transactions totalling 50,000 BTC (which is worth over $400 million at press time) in the span of twenty minutes.

Umm.. either @whale_alert is broken or several billion worth of btc just moved around in a few minutes

— Wong Joon Ian (@joonian) December 6, 2019

There were tons of analysts which reacted to the transactions and made claims that they signify that the Bitcoin price bottom is officially in – or that a strong drop in the price of Bitcoin is about to take place. Unfortunately, the Bitcoin news show that the transactions likely mean none of that.

If you are asking yourself why would someone sell billions of Bitcoin and what does this mean for the flagship cryptocurrency – or who is playing around with it – you will notice the following…

For starters, we should clarify by stating that the funds were not being moved by multiple entities. The Block and its head of research, Larry Cermak, pointed out that it’s the same address constantly moving the same stash. The 55,337 BTC (~$410.6M) is now parked in this address,” and then drawing attention to a new address in which there are thousands of coins currently deposited.

Everyone is freaking out that billions of dollars in BTC is being moved but in reality, it's the same address constantly moving the same stash. The 55,337 BTC (~$410.6M) is now parked in this address: https://t.co/gA337GTtZc https://t.co/Gkdt8nPgdC

— Larry Cermak (@lawmaster) December 6, 2019

As to the actual reason why the funds are moving, Whale Alert noted that the billions of Bitcoin and transactions can be classified as “peeling transactions” which is actually “normal behaviour for wallets that many exchanges use.”

This process is usually called peeling and is normal behavior for wallets that many exchanges use.

— Whale Alert (@whale_alert) December 4, 2019

Analysts now weigh in their opinions saying that the uptick in Bitcoin’s on-chain metrics hint at a potential price bull run. Some even say that the cryptocurrency is holding above its 350-day simple moving average which “has always indicated the start of Bitcoin bull markets.”