Dormant pre-mined Ethereum worth $116M resurrects after 8 years
During the pre-mine period, the 61,216 Ether was worth roughly $20 million, but eight years later, it’s worth more than $116 million.
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Značka: whale
Mt. Gox repayment date looming: Is Bitcoin in trouble?
As the Mt. Gox repayment deadline scheduled for October approaches, crypto observers expect a major industry event coming up this fall.
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Crypto bank runs in 2022 catalyzed by institutional withdrawals: Research
Research suggests the lack of insurance for depositors on crypto platforms induced fear among retail and institutional clients, leading to heavy withdrawals and a liquidity crunch.
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Binance CEO explains 127K BTC transfer, points at proof-of-reserve audit
Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve (PoR) audits, according to the CEO.Binance sent 127,351 Bitcoin (BTC), or more than $2 billion, to an unknown wallet on Nov. 28, Whale Alert reported on Monday. According to on-chain data, the transaction occurred at 10:00 am UTC, costing Binance just a 0.000026 BTC ($0.42) fee.The huge Bitcoin transaction has immediately triggered some FUD in the community, with many noting that Binance has moved an amount that is an entire fortune in one single transaction.Binance CEO Changpeng Zhao subsequently took to Twitter to announce that the massive transaction is part of Binance’s PoR audit process. He also called the community to keep calm and ignore the FUD, stating:“The auditor requires us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a change address, which is a new address. In this case, the input tx is big, and so is the change.”The CEO also referred to an old post on Twitter that he posted four years ago, calling on the crypto community to “learn about blockchain transactions” and “change addresses.”“We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and back an existing wallet, then a large transaction. No need to be alarmed,” Zhao wrote in a tweet in October 2018.In response to growing FUD in his comments, Binance CEO posted another tweet, arguing that investors that “believe FUD all the time,” are also “likely to be poor.”I know it’s hard. If you thought a fraudster is legit, you probably are already poor.But…If you believe FUD all the time, you will also likely to be poor.Life is not easy.— CZ Binance (@cz_binance) November 28, 2022The latest Binance transaction has apparently raised eyebrows of investors as Zhao himself declared that exchanges moving large amounts of crypto to prove their wallet address is not good news. On Nov. 13, Zhao wrote on Twitter the following statement: “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU.”The news comes shortly after former Kraken CEO and co-founder Jesse Powell argued Binance’s PoR approach was “pointless” without liabilities.Related: CoinMarketCap launches proof-of-reserve tracker for crypto exchangesA number of industry experts, including DAO Maker Hassan Sheikh and JAN3 CEO Samson Mow, are also confident that exchanges’ PoR practice is useless without liabilities because it’s very difficult for exchanges to fake liabilities.
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Wake up call? Bitcoin wallets move 3,500 BTC dormant since 2011
Amid the ongoing market turbulence for Bitcoin (BTC) and other cryptocurrencies, some big investors are waking up to move their BTC holdings that were untouched for about a decade. According to on-chain data, seven dormant Bitcoin wallets awakened on Nov. 11 to move a total of 3,500 BTC ($60,6 million) to new addresses. A transaction fee for one of these 500 BTC transactions ($8.7 million) amounted to just 0.00011383 BTC, or $2.Blockchain researcher and developer Kirill Kretov flagged the transactions in a LinkedIn post, noting that the new addresses were “not consolidated” yet.Each of the mentioned seven addresses was holding 500 BTC for about 11 years, with all seven receiving the stash on July 10, 2011. All of the wallets received the amount at the exact same time, 12:22 pm UTC, and for each of them, it was the very first transaction.Kretov pointed out that the new wallets have changed the address format from pay-to-public-key-hash (P2PKH) to pay-to-script-hash (P2SH). P2PKH is the most common script type for Bitcoin transactions, where transactions are resolved by sending the public key and a digital signature created by the corresponding private key.Unlike P2PKH, the P2SH format allows transactions to be sent to a script hash instead of a public key hash, requiring recipients to provide a script hash and additional data. According to online sources, the recipient might need the signatures of several people to spend Bitcoin on P2SH format addresses, or a password might be required.Related: How to transfer $1 billion for basically free: Bitcoin whale watchingThe awakening of dormant BTC addresses isn’t something new to the Bitcoin community. In mid-October, a Bitcoin whale moved as much as 32,000 BTC for the first time since 2018.Previously, another big BTC investor moved out as much as 48,000 Bitcoin from Coinbase Pro, CryptoQuant CEO Ki Young Ju reported. A large portion of the moved Bitcoin was reportedly dormant since 2011. Last year, Cointelegraph reported on a dormant Bitcoin wallet that moved 321 BTC for the first time since 2013.
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What are crypto whale trackers and how do they work?
There are dedicated solutions to track the actions of crypto whales. These solutions can provide analytics on whale actions and, in some instances, can also make investment/trading decisions for the user. Crypto traders and investors constantly track the amount of cryptocurrencies going in and out of exchanges. When a cryptocurrency like Bitcoin or Ether (ETH) is moved in large quantities into an exchange, it is expected to see some sell action resulting in a fall in price. Conversely, if cryptocurrencies flow out of exchanges into wallets, it is considered a precursor to a rise in price. This is because when exchanges have a high net outflow of cryptocurrencies, they have reduced supply resulting in an increase in price. Oftentimes, a whale could buy cryptocurrencies on an exchange and move them into their wallets in large volumes. This could result in a bullish price action for the crypto. In some scenarios, whales may choose not to disturb the markets by buying or selling on an exchange. They would do an over the counter (OTC) transaction between two wallets. For instance, they may send Bitcoin to a wallet that will send USD Coin (USDC) back, resulting in a sale of BTC without the market spotting the transaction. When the blockchain records a large transaction, investors can study the transaction and pick up the wallets involved in it. If the wallets hold large cryptocurrency positions, they can be labeled as crypto whale wallets. From then on, a regular check on these wallets and the transactions that are conducted can be insightful in assessing price movements of the crypto held in the wallet. Whale tracking can be equally beneficial in the NFT markets too. Most NFT communities have large holders of the collection. In many instances, these NFT holders are identified by the community. Tracking the behavior of wallets of these whales can help investors make quick buy/sell decisions. For instance, if a famous NFT collector or a whale sweeps the floor of a nonfungible token collection, that can indicate high convictions. Followers of the NFT collection and the whale would notice that and purchase the nonfungible tokens. This behavior was noticed with Gary Vaynerchuk several times during the NFT bull market in 2021. However, it can be overwhelming and time–consuming to manually stay on top of whale action, even when it is just for one cryptocurrency or NFT collection. This is where whale tracking tools come into play.
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How to transfer $1 billion for basically free: Bitcoin whale watching
Billionaires, take note. It’s one million times cheaper to send huge sums of money on the Bitcoin (BTC) blockchain. A Bitcoin user sent over 50,562 BTC ($1 billion) to an address on the blockchain, paying a fee of just 2,513 Satoshis (the smallest denomination of a Bitcoin), equivalent to half a dollar for the pleasure. Transaction sankey diagram showing fees, value and time. Source: mempoolThe unknown wallet address paid a tiny fraction (less than 0.0001%) of the total value transacted. Put simply, the user paid 50 cents to move double the GDP of the Bitcoin-friendly islands of Tonga. The billion-dollar transaction was processed in block 761374, at a transaction fee of just 15 satoshis (sats) per unit of data or sats/vByte.Cointelegraph experimented with various online banking services to estimate the cost of sending vast sums of money through legacy finance tools. For the transfer of $10 million, a well-known remittance provider charges a tiny fraction, 0.3%, which equates to $30,000. That’s one million times more expensive than using the Bitcoin blockchain to send money.Experimenting sending vast sums of money with legacy financial tools. Source: WiseBefore a new Bitcoin block is mined, every Bitcoin transaction request sits in the memory pool, or “mem pool”, which is kind of like a Bitcoin bus stop. On average, miners take 10 minutes to mine a new block.Bitcoin miners sort through transactions, processing the passengers that have the most expensive bus tickets (transaction fees) first. Typically, the higher the transaction fee, the faster the transaction is confirmed. At 15 sats/vByte, the cost of sending over 50,000 Bitcoin is very low, indicating that this Bitcoin whale was not in a hurry. By way of comparison, in late October, a fat-fingered Bitcoin user paid a whopping 8,042 sat/Byte, or 1,136,000 sats to move 3.8 Bitcoin ($65,000).The process of sorting through transactions in the mempool is relatively straightforward for miners. Contrary to many Bitcoin critics’ beliefs, it is not an energy-hungry process. Ultimately, Bitcoin’s energy consumption comes from block reward issuance, not transactions. Related: BTC miner CleanSpark scoops up thousands of miners amid ‘distressed markets’The Bitcoin whale address continued to send over 50,000 Bitcoin to various other addresses on the blockchain. The addresses are not publicly known addresses, such as Binance’s cold storage wallet or the Bitcoin mined in 2009, which was subsequently lost in a landfill in Wales.
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Capitulation or profit-taking? Bitcoin whale moves 32K BTC dormant since 2018
Bitcoin (BTC) worth over $600 million moved for the first time since the last bear market on Oct. 18, analysis has revealed.In a Twitter thread, monitoring resource Whalemap flagged a transaction involving 32,000 BTC.Buyer could be “willing to acquire” 32,000 BTC at $19,000In the latest sign that current spot price is affecting the behavior of even longer-term holders, a whale entity who purchased BTC near the pit of the last bear market appears to have sold.According to Whalemap, 32,000 coins left their wallet for the first time since December 2018 this week.“32,000 Bitcoins belonging to a whale wallet moved yesterday. They were dormant since Dec 2018,” the Whalemap team wrote in accompanying commentary. While it is unknown exactly what was behind the decision, Whalemap was quick to argue an alternative perspective to the classic bear market narrative — major investors capitulating at the lows. The team added:“Transactions like this usually signify OTC trades, meaning someone is willing to acquire those 32k bitcoins right now.” Despite BTC/USD being down over 70% from all-time highs, the 32,000 BTC stash would have made a significant profit, having been purchased at $3,900.Four years later, they are worth $612 million versus the roughly $124 million paid.Bitcoin whale outflows annotated chart. Source: Whalemap/ TwitterContinuing, Whalemap noted that due to the popularity of the 2018 lows as a buy-in point, that price zone represents a significant area of support.“Not many people know about this but a lot of Bitcoin was accumulated by whales exactly in the region that the above transaction is coming from,” it wrote. “Even right now, 337k of accumulated BTC is still being HODLed in those wallets. A super important area in BTC land to keep ur [eye] on.”Bitcoin wall inflows annotated chart. Source: Whalemap/ TwitterExchange balances accelerate fallSigns that even $19,000 is becoming popular as a BTC trading or investment play are coming from exchanges this month. Related: Here’s what could spark a ‘huge BTC rally’ as Bitcoin clings to $19KData from on-chain analytics firm Glassnode shows that over the past few days, major exchanges have seen their BTC balances decreasing more per day relative to the previous month than at any time since mid-July.The 19 trading platforms tracked by Glassnode were down roughly 100,000 BTC in the past 30 days on both Oct. 18 and Oct. 19.The last date that exchanges ended the day with more BTC than they started with versus a month prior was Oct. 8.Bitcoin exchange 30-day net position change chart. Source: GlassnodeExchanges’ total balance was just over 2.34 million BTC as of Oct. 19, down from 2.46 million at the end of September.Bitcoin exchange balance chart. Source: GlassnodeThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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BTC price top warnings emerge as 10K BTC leaves wallet after 9 years
Bitcoin (BTC) hodlers are asking questions after 10,000 BTC dormant since 2013 suddenly left its wallet.On-chain data flagged on Aug. 28-29 confirmed a large tranche of Bitcoin had become liquid again after nearly a decade.“Lawless era” Bitcoin hit the roadAnalysts first began to notice curiously high transaction volumes this weekend as 5,000 BTC was included in a block.Having stayed in the same wallet since 2013, the funds, the owner of which remains unknown, were soon joined by a near identical 5,000 BTC a day later.In total, 10,000 BTC moved for the first time since 2013, and on-chain sleuths are curious as to the motive of the whale in charge.Analysis of the destination wallets has concluded that the funds were not sent to anexchange for sale. Instead, they were split among a large number of new wallets.Considering the reasoning behind the move, Maartunn, a contributor to on-chain analytics platform CryptoQuant, suggested that privacy may play a part.Quick investigation of @IT_Tech_PL 1. Bitcoin moved to new address2. From new address to multiple addresses of small amountsBasically the scenario as @ki_young_ju described herehttps://t.co/FHgIJsv24P— Maartunn (@JA_Maartun) August 29, 2022Maartunn linked to comments from CryptoQuant CEO Ki Young Ju, who last week argued that those in ownership of “older” coins, especially in large amounts, likely needed to avoid drawing attention to their now greatly-increased wealth. In 2013, BTC/USD traded at a maximum of around $1,165.For Ki, these coins were “minted in the lawless era.”“We uncovered that these whales were highly likely: a) early visionaries that accumulated bitcoin via mining and trading, and b) coins coming from the Cryptsy bitcoin exchange just before it was ‘hacked’ (allegedly stolen customer funds),” a CryptoQuant research piece into old fund movements from Aug. 3 added.Just six such transactions in Bitcoin historyThe transactions were, meanwhile, picked up by the Whale Shadows indicator by Philip Swift, creator of on-chain analytics resource LookIntoBitcoin. Related: US dollar hits new 20-year high — 5 things to know in Bitcoin this weekClearly showing the two spikes in older coins occurring, the data prompted discussion over their implication for BTC price action.As Swift and CryptoQuant showed, previous such spikes marked local highs for BTC/USD throughout Bitcoin’s history.Bitcoin whale shadows annotated chart. Source: Philip Swift/ TwitterOther social media commentators even suggested that the funds were tied to the rehabilitation process at defunct exchange Mt. Gox. As Cointelegraph reported, fears that compensation of creditors would begin this weekend, sparking a significant sell-off, ultimately appeared unfounded.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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The number of crypto billionaires is growing fast, here’s why
Satoshi Nakamoto has more than 1 million BTC, making him the largest Bitcoin holder. He is followed by the founders of Grayscale and Binance, who together have about the same amount of BTC as Satoshi Nakamoto. When looking at the largest Bitcoin holders, there are a few parties that stand out. Of course, Satoshi Nakamoto, with a total of 1,100,000 BTC, has more significant holdings than number two and three holders of Bitcoin, namely Grayscale and Binance. These companies have over 600,000 BTC and 400,000 BTC, respectively, numbers that most Bitcoin investors can only dream of. Behind these top three Bitcoin holders are the cryptocurrency exchanges Bitfinex and OKX, both of which hold over 200,000 BTC. Then, with MicroStrategy and Block.one, there are two more parties that own more than 100,000 BTC. Below the magic limit of 100,000 BTC are a lot of anonymous wallets, but also well-known figures like the Winklevoss brothers. All these huge amounts are not stored in one wallet, but multiple wallets are used. For example, Satoshi Nakamoto uses about 22,000 wallets for storing his BTC, while Bitfinex and Binance both use a handful of wallets. In total, there are only five wallets where more than 100,000 BTC are stored, totaling more than 4% of the total amount of Bitcoin in these wallets. It is important to note that a huge amount of BTC allows Bitcoin whales to create a buy or sell wall effect. A buy or sell wall effect is a significant buy or sell order that causes a sharp change in price. With a sell wall, there is a good chance that the price will fall hard, while the opposite can happen with a buy wall. Purchase a licence for this article. Powered by SharpShark.
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Bitcoin whales still 'hibernating' as BTC price nears $21K
Bitcoin (BTC) hit $21,000 for the first time in several days on July 15 as markets enjoyed what one trader called “summer relief.”BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAltcoin rebound eyed as BTC price adds 11%Data from Cointelegraph Markets Pro and TradingView showed BTC/USD grinding higher overnight to just tap the $21,000 mark on Bitstamp on the day.A noticeable change of tact had set in after initial losses on the back of forty-year highs for the United States’ Consumer Price Index (CPI). Versus the July 13 lows, BTC/USD was thus up 11%.”Summer relief time,” Cointelegraph contributor Michaël van de Poppe summarized.Popular trader Crypto Tony was also in the mood for modest optimism on short timeframes, eyeing a move to $21,700 for profit-taking.$BTC / $USD – Update Stuck hovering around the EQ currently of the range. I am still in my long and looking for a flip so we can push up to my final range target of $21,700 Invalidation point now $19,600 pic.twitter.com/Q8e0oy4UuV— Crypto Tony (@CryptoTony__) July 15, 2022″If we get this, then Alts can continue to enjoy a nice pump and relief rally,” he added in a further tweet.Many major altcoins had responded well to the uptick in BTC price action, with Ether (ETH) making a noticeable rebound to cap over 12% daily gains.Others in the top ten cryptocurrencies by market cap also fared well, with only Solana (SOL) nonetheless managing to beat ETH over the past 24 hours.ETH/USD thus succeeded in avoiding a return below the psychologically significant $1,000 level.ETH/USD 1-hour candle chart (Binance). Source: TradingViewWhales “waiting for moment to wake up”Meanwhile, on-chain data suggested that the largest Bitcoin hodlers were in no mood to act at current prices.Related: Bitcoin price spikes to $20K as whale-bought BTC confirms supportIn a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he described as “hibernation” continuing among whale wallets.”Whales remain in hibernation, waiting for the right moment to wake up,” he observed. “Institutional movements, or commonly called ‘whale activity’ can be tracked based on the transaction volume moved over a short period of time, both denominated in BTC and USD.”An accompanying chart showed a distinct lack of large-volume transactions on the network in recent months, with only the Terra LUNA blowout causing a temporary trend break.”Here we have a clear view of the low institutional activity, almost non-existent after the month of May, which was briefly awakened during the LUNA crash but which returned to hibernation,” Oliveira added.Bitcoin spent output value bands annotated chart. Source: Caue Oliveira/ TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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SHIB price eyes 30% drop with Shiba Inu's massive triangle breakdown underway
Shiba Inu (SHIB) price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB’s returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022.Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures.SHIB/USD daily price chart. Source: TradingViewShiba Inu triangle breakdownThe prospect of Shiba Inu facing more yearly losses increases as it stays on the path toward its “symmetrical triangle” breakdown target near $0.00001197.The level, which sits around 30% below today’s price, results from a technical rule that measures symmetrical triangles’ profit targets by adding the maximum distance between the structure’s upper and lower trendline to the breakout/breakdown point. SHIB/USD weekly price chart featuring ‘symmetrical triangle’ breakout. Source: TradingViewNevertheless, SHIB’s shorter-timeframe charts reflects an interim bullish bias.Short-term 20% bounce in play SHIB has dropped near the red horizontal line near $0.00001667, which has served as an accumulation zone for traders three times since October 2021. For instance, Shiba Inu had rallied by over 100% two weeks after testing the $0.0000167-level as support in January 2022.The level also coincides with the lower trendline of the descending parallel channel, as shown in the chart below. As a result of this confluence, SHIB eyes a price rebound, with the channel’s upper trendline near $0.00002000 acting as the interim upside target for the May-June period.SHIB/USD daily price chart featuring descending parallel channel setup. Source: TradingViewMeanwhile, SHIB’s daily relative strength index (RSI) has dipped below 30, an oversold territory that could further catalyze a short-term rebound.Nonetheless, macroeconomic catalysts — primarily a hawkish Federal Reserve — continue to pose downside risks for the crypto market, including SHIB. So price rallies are likely to sell off at higher levels, thus keeping SHIB on track toward its triangle breakdown target near $0.00001197.Bright future promisedShiba Inu’s developer Shytoshi Kusama offered a bright outlook for the project in what appeared to be an effort to pent-up the market demand for SHIB tokens.Related: Shiba Inu has a new use case — Buying land in SHIB: The MetaverseThe developer noted that Playside, an Australia-based video gaming firm, would feature Shiba Inu-themed nonfungible tokens (NFT) — called Shiboshi — on their upcoming metaverse game of the same name. He also noted that Shiba Inu would release the documentation of their layer-2 blockchain, Shibarium, by “this month or next.”I updated the Shiboshi chat recently but I’m sure we will be seeing more from Playside soon as we near the final triad of production.— Shytoshi Kusama™ (@ShytoshiKusama) May 7, 2022The disclosures came after an Ethereum whale bought 74 billion SHIB (worth $1.23 million at press time).The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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