A Bitcoin whale has made headlines by moving an astounding $11 million worth of BTC after being inactive for over a decade. The transaction has sparked speculation among the crypto community about the identity of the owner and the reason for the sudden movement of funds. As the market for cryptocurrencies grows and matures, such large transactions will continue to catch the attention of investors and traders alike.
Bitcoin Whales Awake After Years of Inactivity: Recent Transfers Cumulate to Over $70 Million
Bitcoin whales, the top holders of the primary cryptocurrency, have recently awakened from their years of inactivity. One of the long-term HODLers who has been inactive for almost a decade has just moved 400 BTC worth around $11 million to multiple addresses. This event comes after a dormant whale transferred over 2,000 BTC for the first time in nine years just last week.
The Satoshi-era BTC whale, who had not touched their stash since 2011, transferred 360 BTC worth around $9.8 million to one address and sent the remaining 40 BTC ($1.1 million) to various others. It is worth mentioning that the whale moved the coins two years after Satoshi Nakamoto’s Genesis Day, the day when the first block of Bitcoin was mined.
Another dormant BTC wallet that remained inactive for more than nine years also recently sent out 2,071.5 BTC worth over $60 million at the time to an address starting with “bc1q.” The whale’s entire stash was equivalent to around $4 million on December 19, 2013, the day it received the coins.
Moreover, a wallet that participated in Ethereum’s initial coin offering (ICO) in 2016 also woke up this week. They transferred one ETH to a new address. The wallet had received 2,365 ETH seven years ago, valued at a mere $733 at the time. The assets are now worth over $4.3 million.
The reasons behind these recent awakenings remain unknown. However, some speculations suggest that significant crypto investors have started transferring their old funds to new addresses as a protection measure. Meanwhile, others jokingly suggest that the whales may have finally located their private keys after years of searching.
Bitcoin’s price has been on a downtrend recently, losing over 8% of its value in the past week, currently trading at around $27,300.
In conclusion, Bitcoin whales have recently transferred over $70 million worth of cryptocurrency after years of inactivity. These events remain a mystery to the public, but they could signify potential market shifts or protection measures taken by large investors.