What happened: $734,400,000 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction. 

The Bitcoin address of the whale’s wallet is 1GRHovygR3NnCaxhWrF7n8crPPwmfnB5gg

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. Depending on the exchange used, it takes about $15 million of sell pressure to move the price of Bitcoin down 2%.

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. The cryptocurrency wallet has 69 transactions total, and has received an aggregate of over 61,000 BTC (over $3 billion dollars). 

See Also: How To Buy Bitcoin

Price Action: Bitcoin is up 1% at the current price of $49,300 in the past 24 hours.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

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