With the obvious fact that bitcoin’s value is much lower today than a month ago, a bitcoin mystery mining whale who has been under observation has spent 1,000 bitcoin worth $35 million on Wednesday morning (EST) from 2010 at block height 686,865.
This was two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total.
However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday after the bitcoin sat idle for more than a decade.
Last year and into 2021, Bitcoin.com News has been investigating a mystery whale that spends strings of 2010 block rewards in the same pattern every time the entity transfers coins. The strings are precisely 20 decade-old block rewards that contain 50 bitcoin (BTC) each and are also spent in one block.
The last time the old-school whale from Satoshi’s era moved coins was on March 23, 2021. The mining entity has now moved another concession of 20 block rewards from 2010 on Wednesday, June 9, 2021, at block height 686,865.
Every block reward spent today was mined back in 2010 between the months of August through October of that year. Each block reward contained 50 BTC and when spent, the coins were consolidated into one address, which at one time held 999.99 BTC.
As usual, Bitcoin.com News has been tracking this particular whale entity, and the ‘sleeping bitcoins’ that woke up on Wednesday morning were caught by Btcparser.com. The consolidated address then dispersed the $35 million worth of crypto to a myriad of different addresses.
The zombie coins from 2010 spent today followed the exact same pattern as the 10,000 decade-old bitcoins spent prior. The grand total now is 11,000 coins spent since last year when Bitcoin.com News caught the whale’s first awakening.
It all started on March 12, 2020. From there October 11, 2020, November 7, 2020, November 8, 2020, December 27, 2020, January 3, 2021 (Bitcoin’s 12th anniversary), January 10, 2021, January 25, 2021, February 28, 2021, March 23, 2021, and then today’s spend.
Ever since the bitcoin bull run began, old school whales have been making mysterious moves, but this whale, in particular, has been quite the oddity. In addition to the 1,000 BTC spent on Wednesday, the whale also moved the corresponding bitcoin cash (BCH) into a consolidated address that contained 1,001 BCH.
However, just like the previous patterns, the whale did not transfer the corresponding bitcoinsv (BSV) tokens as those coins still sit idle in their original coinbase addresses. The BCH spent was over $600K at the time of transfer and the BCH was also dispersed to a myriad of different addresses.
The crypto community still has no idea who this particular whale from 2010 is but the whale certainly has mined a great number of coins in the early days.
It’s also worth noting that the terms “spent” or “spend” in the world of bitcoin, simply mean the transfer from one address to another.
The terms “spent” or “spend” do not necessarily mean that the bitcoins were “sold” to a third party like a popular crypto exchange. Although, since the mysterious whale has been moving coins since ‘Black Thursday’ 2020, our onchain analysis at Bitcoin.com News indicates the 11,000 BTC may have been sent to a well-known exchange.
Banking Giant BBVA Opens Bitcoin Trading and Custody Service in Switzerland
Spanish banking giant BBVA’s swiss entity, BBVA Switzerland, has started offering bitcoin trading and custody services.
Announcing the news on Friday, BBVA Switzerland said the services will be available to all of its private banking clients from Monday, June 21. The launch comes six months after the bank began trialing the services in Switzerland.
“This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk,” said Alfonso Gomez, CEO of BBVA Switzerland.
While the bank currently only supports bitcoin, it said the aim is to also offer other cryptocurrencies in the future. As for the launch of the services in other countries, BBVA Switzerland said that would depend on maturity, demand, and regulation in those markets.
BBVA said its bitcoin services are novel as clients can manage their investments alongside traditional assets in the same portfolio. Customers willing to convert their bitcoin into fiat and vice versa can do so “without delays and without the illiquidity that affects other digital wallets or independent brokers,” said BBVA. That’s because the bank operates with several sources for converting cryptocurrencies, it said, without disclosing those sources.
BBVA’s services come as more mega-banks open up to the crypto space. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and other financial institutions have moved to provide crypto services to their clients.
Goldman Sachs Partners Crypto Management Firm Galaxy Digital, Offers Bitcoin Futures
Galaxy Digital’s co-president Damien Vanderwilt announced today that his firm has partnered with Goldman Sachs to help provide bitcoin futures products. The partnership marks one of the first occasions where an American multinational investment bank has partnered with a crypto asset service provider.
Galaxy Digital is a financial services and investment management innovator founded by the company’s CEO Mike Novogratz. Vanderwilt explains that Goldman Sachs, the bank with $2.1 trillion assets under management (AUM), may entice other financial incumbents to follow its lead.
“There’s a whole dynamic with the major banks that I’ve seen time and time again: safety in numbers,” Vanderwilt explained during his discussion about the subject. “Once one bank is out there doing this, the other banks will have [fear of missing out] and they’ll get on-boarded because their clients have been asking for it.”
According to Vanderwilt, Goldman depends on Galaxy because regulatory policy stops the multinational investment bank from handling the leading crypto asset directly. Max Minton, head of digital assets for Goldman’s Asia-Pacific region said during the announcement that the bank procures clientele with the assets they demand.
“Our goal is to equip our clients with best-execution pricing and secure access to the assets they want to trade,” Minton remarked. “In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”
The statements from Minton and Vanderwilt follow the report that said Goldman was prepping to offer ether futures and options swaps. At the time, Goldman said “institutional adoption will continue” in the crypto space.
In mid-April Galaxy Digital revealed it had entered the bitcoin exchange-traded fund (ETF) fray when it submitted its Form S-1 registration with the U.S. Securities Exchange Commission (SEC).
Vanderwilt also said that when more institutional players join the crypto ecosystem volatility will grow less and less.
“You’re moving the market participants from being north of 90% retail, a huge chunk of which have access to ridiculous amounts of leverage, into an institutional community, who have proper, tried-and-tested rules and regulations about leverage, asset-liability mismatch, and risk,” Vanderwilt concluded.
“The more activity that moves into the institutional community, the less volatility there will be.”
Central American Bank for Economic Integration Supports El Salvador’s Bitcoin Law
The Central American Bank for Economic Integration (CABEI), which has 15 member countries, will help El Salvador implement bitcoin as legal tender.
The CABEI president has expressed his support. “We’re very optimistic,” he said.
The head of the Central American Bank for Economic Integration (CABEI) expressed his support for El Salvador’s bitcoin law Monday. CABEI Executive President Dante Mossi said that the bank will give El Salvador technical assistance to implement bitcoin as legal tender.
Last week, El Salvador became the first country in the world to pass a law making cryptocurrency legal tender.
The CABEI has 15 member countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Belize, Mexico, Republic of China (Taiwan), Argentina, Colombia, Spain, Cuba, and Korea. The bank’s objective is to “promote the economic integration and the balanced economic and social development of the Central American region,” its website details.
Mossi said his organization will work with El Salvador’s finance ministry and central bank to select a team to work on the implementation, Reuters reported.
Mossi believes that the move to make bitcoin legal tender would offer many benefits to people in El Salvador. For example, it would lower the cost of remittances for relatives of Salvadorans living abroad, he explained.
The CABEI executive president also called on El Salvador’s government to develop a regulatory framework for bitcoin in order to prevent “bad actors” from taking advantage of the system’s anonymity, the publication conveyed.
Following El Salvador’s move to make bitcoin legal tender, lawmakers in a number of Latin American countries have expressed their interest in bitcoin.
The countries include Paraguay, Argentina, Panama, Brazil, and Mexico. Moreover, Tonga and Tanzania have also reportedly expressed interest in bitcoin.
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