Large Bitcoin Investor Sent $330M in BTC to Bitfinex Exchange Before Price Dropped Below $30K: Blockchain Data

The bitcoin "whale" was the 14th largest bitcoin holder until mid-March, controlling $1.2 billion in BTC, according to BitInfoCharts.

AccessTimeIconApr 12, 2023 at 4:12 p.m. UTC
Updated Apr 13, 2023 at 6:35 p.m. UTC

A large bitcoin investor sent some $330 million in bitcoin (BTC) to crypto exchange Bitfinex on Wednesday, according to blockchain sleuth Lookonchain.

According to Bitcoin blockchain data, the bitcoin "whale" transferred 11,000 BTC tokens to a Bitfinex wallet at a BTC price of $30,114.

Whales are crypto investors who control large amounts of digital assets. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.

The transfer may indicate the investor who controls the wallet is realizing profits after bitcoin’s remarkably strong performance this year.

Blockchain transactions show the wallet had been accumulating BTC between June 2022 and January 2023 at an average price of $20,083, per data by Bitinfocharts, a website that tracks the on-chain behavior of largest bitcoin holders. Until mid-March, the wallet was the 14th largest BTC holder controlling more than $1.2 billion of tokens.

Then, the investor transferred 16,000 BTC ($427 million) on March 17 and 9,500 BTC (266 million) on March 19 from their wallet to Bitfinex.

Lookonchain tagged the investor as a “smart whale” after their profitable maneuvers.

The latest maneuver came as BTC, the largest cryptocurrency by market capitalization, has been outperforming the broader crypto markets in the past month. CoinDesk Indices data over the past month shows that only seven of the 166 assets in the CoinDesk Market Index (CMI) have outperformed BTC, which was up 47%.

BTC was recently trading at around $29,900, roughly flat over the past 24 hours.

Edited by James Rubin.


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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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