Bitcoin Whale Moves Nearly $8M After 10 Years of Inactivity

A Bitcoin whale holding nearly $8 million worth of Bitcoin has moved the cryptocurrency after 10 years of inactivity. This unexpected move by the whale has attracted the attention of the crypto community. The whale holding 1,000 BTC had remained dormant for a decade before transferring the cryptocurrency to a new address. The move is seen as significant, as it suggests that the whale is confident in the current state of the market and is re-entering the market at a time when Bitcoin’s price is on the rise. The news has generated excitement among crypto enthusiasts who are now speculating about the whale’s next move.

Bitcoin Whale Moves $7.8 Million Worth of Currency

A decade-long dormant Bitcoin wallet holding over $31.6 million worth of currency stirred to life recently, as its owner transferred 279 BTC to three new wallets. The mystery whale had initially received 1,128 BTC in October 2012 and May 2013 when the prices were $12 and $195, respectively.

Bitcoin investors are making long-term gains, as over 53% of coins ever minted haven’t budged for more than two years. This trend shows that investors are holding onto their assets with a focus on long-term returns.

As per research from the Bank for International Settlements, Bitcoin whales are the most successful crypto investors. They tend to do well when sitting on the asset for years, while retail investors who buy and sell in a short time frame typically lose out.

Despite the recent slump, Bitcoin is still up massively this year. It has gone from under $17,000 in January to nearly $30,000 in the past week. Part of Bitcoin’s recent surge can be attributed to its growing acceptance as an alternate asset by institutions and wall street giants.

The largest digital asset by market cap is still way below its all-time high, however, by nearly 60%, hitting $69,045 in November 2021. But, as Bitcoin whales continue to move their investments, the market remains volatile, and all eyes are on the digital currency’s unpredictable trajectory.

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