Dormant Bitcoin Whale Transfers $137 Million in BTC After 4 Years

Dormant Bitcoin Whale Transfers $137 Million in BTC After 4 Years

A Bitcoin wallet address has sprung back to life after approximately four years of inactivity.

The dormant whale transferred its entire stash of 3,623 BTC – worth around $136.94 million – to two new wallets. On-chain data suggest that the whale amassed 3,623 BTC worth almost $25 million between October 25, 2018, and December 31, 2019. During this timeframe, Bitcoin was trading on average at $6,889.

As reported by Lookonchain, the investment has skyrocketed to a staggering $136.94 million, considering the current market price, marking a profit of around $112 million.

According to data compiled by BitInfoCharts, the whale was sitting on a profit of $244 million in BTC during the bull run in November 2021 when Bitcoin exchanged hands at $67.5k.
The substantial movement of funds introduces an interesting aspect to the market. Deciding to use or move dormant coins is often complex and depends on individual circumstances and various factors.
For instance, a significant increase in Bitcoin’s value might lead owners to sell or trade their inactive assets to capitalize on profit opportunities.
Amidst market recovery, 2023 witnessed a flurry of mysterious wallet movements from previously dormant whales.
Earlier this month, three Bitcoin whale addresses recently moved a total of 6,500 Bitcoins to new wallets, with a combined value of around $230 million.
On September 19th, a dormant Bitcoin address transferred over $46 million worth of crypto after six years, sparking concerns of intense sell pressure in the market.
Another whale inactive for more than a decade woke up from its slumber in July to transfer $31 million in BTC.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.