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Whale Alert cryptocurrency tracker, which track down large crypto transactions and then shares their details on the X/Twitter platform, has spread the word about three large Bitcoin lumps transferred to PayPal giant over the past 11 hours. They were made consecutively.
The overall worth of the Bitcoin that was sent there exceeds $300 million.
🚨 🚨 🚨 🚨 🚨 2,500 #BTC (106,647,312 USD) transferred from unknown wallet to #Paypalhttps://t.co/ZOJZCvRcuc
— Whale Alert (@whale_alert) January 31, 2024
Anon whale tops up his Bitcoin wallet on PayPal
The aforementioned source mentioned that the whale made three transactions, carrying 2,500 BTC each, worth $106.6 million separately and more than $318 million in total.
PayPal U.S.-based online payments giant embraced Bitcoin and a few other cryptocurrencies in 2021, when it first allowed its customers to buy and sell crypto (BTC, ETH, LTC and BCH) and hold on their local crypto wallets without a chance of withdrawal.
🚨 🚨 🚨 🚨 🚨 2,500 #BTC (106,514,939 USD) transferred from unknown wallet to #Paypalhttps://t.co/cBiiNTVhPn
— Whale Alert (@whale_alert) January 31, 2024
PayPal jumps on crypto bandwagon
Later, PayPal expanded its cryptocurrency functions by allowing users to send their crypto to third-party wallets and deposit crypto from outside too.
According to analytics data, a year ago, PayPal held a cumulative of $604 million worth of Bitcoin, Ethereum, Bitcoin Cash and Litecoin on behalf of its customers.
In 2023, the online payments behemoth stunned the financial world when it launched is own stablecoin, PYUSD, backed by the U.S. dollar. The crypto community then split into those who considered this as a major move for crypto into the mainstream and those who criticized PayPal for building a heavily centralized stablecoin; reports started emerging on Twitter that a function that froze and nullified users’ balances was built into the PYUSD code.
Samson Mow expects Bitcoin to go parabolic
Earlier this week, major Bitcoin evangelist, head of Jan3 Bitcoin-focused company Samson Mow, hinted that Bitcoin may be going ballistic soon. The main reason for this, according to him, is the astounding rate at which spot-based Bitcoin ETFs have been scooping up Bitcoin from the market.
Their largely enthusiastic accumulation started after Jan. 11, when the American Securities and Exchange Commission regulator issued the green light to 11 ETFs based on the Bitcoin spot price. Those included Wall Street giants BlackRock, Ark Invest, VanEck and Fidelity.
The meme posted by Mow stated that it is impossible for Bitcoin not to go parabolic at this pace of accumulation being made by the ETFs.