A group of bitcoin whale accounts that had been dormant since December 2018 suddenly became active and bought thousands of bitcoins over the past weekend. According to BitInfoCharts, a website that labels bitcoin addresses owned by several cryptocurrency exchanges, whale addresses rank from 89 to 106 (excluding rank number 90). These addresses bought 28,377 bitcoins worth $841.85 million (approximately Rs 62,789 crore) between July 17 and July 18 in a synchronized manner. Although all these 17 bitcoin addresses are unknown.
According to a report by The Daily Hold, all these 17 wallets held exactly 8,000 bitcoins before the bitcoins were deposited. The report further states that they are inactive for the same amount of time before purchase and holding the same number of bitcoins indicates that all these addresses are the same entity. Although it is not certain.
Data published in BitInfoCharts further showed that four wallets received bitcoin at the exact same time on 18 July. At the same time, the other four collected bitcoins at the same time on 17 July, and three other wallets simultaneously received bitcoins later in the same day.
A bitcoin whale is an account that owns a large amount of cryptocurrency and has the power to change the price with a single trade. In 2017, about 1,000 people owned about 40 percent of all bitcoins. Now, whales are back in action due to the recent volatility in the cryptocurrency market.
Bitcoin is now nearly half its price from its all-time high. After reaching around $65,000 (approximately Rs 48 lakh) in May this year, it was trading at $30,816 (approximately Rs 23 lakh) at the time of writing the news.