A dormant cryptocurrency wallet that had 2,207 Bitcoin (BTC), almost $150 million, became active for the first time in over eight years and made a millionaire transfer for a fee of just $14. According to Whale Alert, the wallet moved 1,907.5997 BTC ($129,984,430 as of press time).
In fact, the cryptocurrencies have been dormant since 2013, and the whale’s identity is unknown as of press time nor information on whether the funds ended up.
The move comes just one day after Bitcoin managed to briefly refresh its all-time highs at around $69,000, as the world’s largest cryptocurrency by market capitalization is looking to crack above the $70,000 handle.
As reported by Finance Magnates, BTC’s institutional inflows smashed all previous records this year as BTC investment products attracted a record $6.4 billion worth of institutional investments during the mentioned period. Inflows into Bitcoin investment products during the last 8 weeks have reached $2.8 billion. The remarkable growth in BTC’s price has made it one of the world’s most valuable financial assets, with some analysts saying that its market cap surpassed the silver’s one.
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Bitcoin’s Institutional Inflows
The crypto market crossed the total capitalization of $3 trillion on Monday for the first time in its history. Bitcoin’s dominance has remained evident throughout this year, but altcoins like Solana and Ethereum not only touched record price levels this week, but their crypto market dominance has increased substantially. As a result, institutional investors have started considering altcoins as good tools for portfolio diversification.
“Digital asset investment products saw inflows totaling US$174m last week, marking the 12th consecutive week of inflows. This brings year-to-date inflows to US$8.9bn, significantly greater than the US$6.7bn seen in 2020. Total assets under management (AUM) have also reached a new all-time high of US$80bn. Bitcoin saw inflows totaling US$95m last week representing the largest inflows of all digital assets,” CoinShares commented in its weekly report.
Recently, a wallet conducted what is believed to be the biggest trade of all time performed by an individual: it bought $8,000 of Shiba Inu (SHIB) last August, which was worth $5.7 billion on October 27.