Crypto Whale moves $1.58 billion into Bitcoin, where BTC is now stored

According to data shared on Blockchain.com, a cryptocurrency whale moved crypto from a wallet that had accumulated over 74,105 BTC/USD bitcoins worth over $1.58 billion.

BTC have been moved to wallets of unknown origin. In a separate transaction, the whale moved 50,562 BTC, worth nearly $1.08 billion; in another transaction, 23,542 BTC were moved, worth around $505 million.

In a series of large transactions, the whale moved 4,000 BTC, 10,000 BTC, 10,000 BTC, 10,000 BTC, 9,642 BTC, 10,000 BTC, 10,000 BTC, 10 000 BTC and 562 BTC.

Crypto whales send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time.

Also read: The Wolf of Wall Street says he was wrong about Bitcoin: "I really hated crypto"

Therefore, storing large amounts of money on an exchange presents an additional risk of theft.

Last week, various crypto whales moved Ethereum ETH/USD, Bitcoin, Dogecoin DOGE/USD and XRP XRP/USD in 24 hours, amounting to $412,300,000.

Talking about Bitcoin's performance in the current market scenario, a crypto analyst at ARK Invest said, "For the first time in history, bitcoin is less volatile than the S&P 500 and the Nasdaq. The last time volatility was this low, bitcoin went from $9,000 to $60,000 in less than a year."

At the time of writing, Bitcoin was trading at $21,278, up almost 3% over the past seven days.

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