In a boost for Bitcoin holders and traders in general, it seems like whales are after all not fazed by volatility and heavy price movements for the last few years. CoinMetrics reported that a mega holder moved moved 65,000 BTC after five years.
Most importantly, this was moved within the chain and not to exchanges where there could be liquidated but to another Bitcoin address revealing that these coins are not only active but have not been lost joining the estimated 4 million BTC that can’t be accessed.
A large #Bitcoin whale just graduated to a 5yr HODLer. Last week 68k BTC moved out of the 5yr active supply band, indicating that the last time they moved on-chain was in April 2015. pic.twitter.com/Jorx5TnlVn
— CoinMetrics.io (@coinmetrics) April 27, 2020
It’s a mark of confidence and another main highlighter that the despite the nitty-gritties of being responsible of one private keys, it is possible to be one ‘s own bank, taking control of events.
Craig Wright Is Not The Major Whale
Bitcoin strives on the auspice of decentralization and total control of events. It is based on a perfectly secure and decentralized blockchain which isn’t controlled by anyone party.
Since its launch 12 years ago, the network has continued to flourish, evolving from a primitive network without a marketplace to a complex juggernaut shaped by regulation and a vibrant community.
Although the anonymous Satoshi left the ship in autopilot, it is estimated that he owns 1 million coins.
These coins, many speculate, are lost, and this advice the fear in the community when Craig Wright, the leader of the Bitcoin SV–a hard fork of the Bitcoin Cash network, said he was the true Satoshi Nakamoto and had documents to verify that he was the owner of the 1 million BTC that remains untouched.
Dr. Craig Wright 🔥 15 Jan 2020
— $DiegoSV 🇧🇷 (@_Bitcoin_SV) January 15, 2020
Being a critic of Bitcoin, should he had proved and moved the coins, the only path of least resistance was to crash the market by liquidating all his stash.
He argues that Bitcoin has chosen a different path and is not electronic money as designed.
BTC Movement is Timely and Before Halving
Therefore, while the 68,000 BTC can’t measure up to the 1 million belonging to Satoshi, it’s a mark of confidence that these coins are held within the network and marked active approximately two weeks to a halving.
There is really only about 4-5 million #bitcoin on the table right now…
3-4 million lost due to technical blunder and theft…
1 million in Dave Kleiman's hard drive Craig Wright wants to hack
10 million locked up long term.
3 million need mined.
own a little… pic.twitter.com/ih7Npqparr
— ₿ TruthRaider 🏴☠️ (@TruthRaiderHQ) February 6, 2020
Then, miner rewards will be slashed by half in a scheduled event that will mostly likely shake out weak miners creating room for more efficiency and possible industrialization of the Bitcoin mining scene.
Binance has already announced that it will enter the cryptocurrency mining scene with the launch of Binance Pool.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich