Over the past week, nearly 16,000 Bitcoin (BTC) has been transferred from a wallet allegedly formerly involved in Silk Road-related activity to several major cryptocurrency exchanges, including Binance and Bitfinex
While these transactions, which were first uncovered by Reddit user sick_silk, undoubtedly indicate that a large BTC holder is looking to at least partially offload his or her position, the price of Bitcoin has not felt any of the effects of a large coin dump. In fact, the price has been in a steady uptrend over the past week, moving from a low of $6,850 to over $7,350.
The wallet that these transactions originated from originally held more than 111,114 BTC, worth over $800 million USD. It is believed that this wallet is owned by a major player involved in the Silk Road, an online black market that was shut down by the FBI in 2013.
The news comes just weeks after a whale investor who originally received 314,000 ETH from the Ethereum network’s Genesis block, as part of the initial coin offering (ICO), transferred approximately 20,000 ETH (~$5.5 million) to Bitfinex. While it is still unclear why major investors are seemingly offloading their holdings at these relative lows, these developments should certainly be monitored by investors.
The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, has been steady over the last 24 hours, showing no indication of fear in the market as this news begins to circulate.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.