PayPal Whale Transfers Over $300 Million In Bitcoin: Implications

A mysterious Bitcoin whale has moved three massive chunks of Bitcoin to PayPal, the online payments giant, in 11 hours. The total value of the Bitcoin transferred exceeds $300 million, according to Whale Alert, a cryptocurrency tracker that monitors and reports large crypto transactions on the X/Twitter platform.

The anonymous whale sent 2,500 BTC each time, which amounted to $106.6 million per transaction and more than $318 million. The reason behind these transfers is unknown, but they could indicate a bullish sentiment for Bitcoin or a strategic move by the whale.

PayPal has been one of the most prominent players in the crypto space since 2021, when it first enabled its customers to buy, sell, and hold four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The customers could only use their local crypto wallets on PayPal, without the option to withdraw or deposit from external sources.

Later, PayPal expanded its crypto features by allowing users to send and receive crypto to and from third-party wallets. As of a year ago, PayPal had accumulated $604 million worth of the four cryptocurrencies on behalf of its customers, according to analytics data.

In 2023, PayPal made a bold move by launching its stablecoin, PYUSD, which is pegged to the U.S. dollar. This was met with mixed reactions from the crypto community, as some saw it as a positive sign for crypto adoption. In contrast, others criticized PayPal for creating a highly centralized and controlled stablecoin. There were also reports on Twitter that PYUSD had a built-in function that could freeze and nullify users’ balances.

Bitcoin Parabolic Potential

Earlier this week, Samson Mow, a major BTC evangelist and the head of Jan3, a Bitcoin-focused company, hinted that Bitcoin may be ready to skyrocket soon. According to him, the main reason for this is the amazing rate at which spot-based BTC ETFs have been buying up BTC from the market.

Their aggressive accumulation began after Jan. 11, when the American Securities and Exchange Commission regulator approved 11 ETFs based on the Bitcoin spot price. These included Wall Street giants such as BlackRock, Ark Invest, VanEck, and Fidelity.

Related Reading | Behind The Scenes: Binance Downplays GitHub Code Leak, Emphasizes Limited Impact

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

Comments (No)

Leave a Reply