U.Today - 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 (NASDAQ:PYPL) giant over the past 11 hours. They were made consecutively.
The overall worth of the Bitcoin that was sent there exceeds $300 million.
Anon whale tops up his Bitcoin wallet on PayPal
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.
PayPal jumps on crypto bandwagon
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
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 (NYSE:BLK), 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.