Cryptocurrency tracker Whale Alert has flagged three substantial Bitcoin transactions, each exceeding 2,500 BTC, transferred to online payments giant PayPal over the last 11 hours. The cumulative value of these transactions surpassed $300 million.
The anonymous whale responsible for the transactions sent 2,500 BTC in three consecutive transfers, amounting to $106.6 million each and totaling over $318 million. PayPal, a U.S.-based online payments giant, embraced Bitcoin and other cryptocurrencies in 2021, allowing users to buy, sell, and hold crypto assets in their local wallets.
Initially restricting withdrawals, PayPal later expanded its cryptocurrency features, enabling users to send and receive crypto to and from third-party wallets. A year ago, analytics data indicated that PayPal held a collective value of $604 million in Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on behalf of its customers.
In a significant move in 2023, PayPal launched its stablecoin, PYUSD, backed by the U.S. dollar. This decision prompted diverse reactions within the crypto community, with some viewing it as a crucial step towards mainstream adoption and others criticizing PayPal for introducing a heavily centralized stablecoin. Reports on Twitter surfaced regarding a function within PYUSD code that could freeze and nullify users’ balances.
Meanwhile, Bitcoin advocate Samson Mow, CEO of Jan3 Bitcoin-focused company, recently suggested that Bitcoin might experience a surge. Mow attributed this potential surge to the rapid accumulation of Bitcoin by spot-based Bitcoin ETFs after the U.S. Securities and Exchange Commission granted approval to 11 ETFs based on the Bitcoin spot price on January 11. Major players like BlackRock, Ark Invest, VanEck, and Fidelity were among those receiving the regulatory green light.
Mow emphasized the exponential pace of accumulation by these ETFs, asserting in a meme that Bitcoin’s parabolic movement is seemingly inevitable under such circumstances. The meme highlighted the staggering rate at which spot-based Bitcoin ETFs have been acquiring Bitcoin from the market.
