Crypto bulls turn whale watching into a sport

Bullish markets have turned crypto whale watching into a spectator sport.

Today, a Bitcoin user sent 9,156 BTC ($291 million) between addresses. Four hours later, the price of BTC had dropped up to 13%.

While there’s little to suggest the two are related (neither address is flagged as an exchange), the now-steady stream of high value transfers has the imaginations of crypto fans running wild.

[Read more: Bitcoin’s 12th birthday marked by all-time high]

Other transfers more obviously relate to exchanges. Whale Alert just detected 1,000 BTC sent to Coinbase — a stash worth $31.4 million.

Sending that amount of cryptocurrency to an exchange means the holder wants to either:

  • Dump it.
  • Store it.
  • Trade it.
  • Sell it.
  • Watch Twitter freak out.

Still, these moves pale in comparison to a transfer from three weeks ago that shuffled 32,353 BTC ($620 million then, $1 billion now) between nondescript wallets — for a $12 fee.

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