- Since its ATH, bitcoin has lost 16% of its value.
- A “Mega-whale” is a bitcoin address that has 100,000 BTC or more.
Several individuals have been discussing the third-largest bitcoin address dubbed “1P5ZED,” which has gathered thousands of bitcoin in recent days.
Nobody knows who owns the wallet, but it has amassed almost 111,359 bitcoin since its initial transaction on February 5, 2019. While some say it’s a giant bitcoin whale, On-chain data suggests it’s an exchange. Bitcoin’s currency value has been erratic, and everyone is wondering why BTC has dropped in value. For example, on November 10, bitcoin (BTC) fell from a $69K ATH to a mid-$65K-$66K zone five days later.
1P5ZED has all the tell-tale characteristics of being affiliated with an exchange, and it has been identified many times. The address has received and spent BTC during the previous two years. According to blockchair.com data, most of 1P5ZED’s transactions have a low preference for privacy, and the block explorer privacy tool confirms this.
Most 1P5ZED transactions have a traceability grade of “critical” to “low.” Vulnerabilities include matching addresses and input/outputs that are typically identical. Since its ATH, bitcoin has lost 16% of its value, falling below the $60K mark. Of course, the volatility prompted whale watchers and real-time bitcoin whale trades.
Bitcoin Whales
Bitcoin whales are persons or organizations holding enormous amounts of BTC. Depending on who you ask, BTC whales hold 1,000, 10,000, 50,000, or 100,000 bitcoin.
A “mega-whale” is a bitcoin address that has 100,000 BTC or more. The top five BTC wallets contain between 84K and 288K BTC, three of which are exchanges. Recently, crypto journalists and users on social media and forums have speculated about the third-largest bitcoin wallet’s conduct. Many think a massive whale “bought the dip” when the price of BTC fell.
