A Dormant Bitcoin Whale Moves 5,000 BTC Worth $137 Million
A Bitcoin whale that has been dormant since 2020 has recently come alive by moving 5,000 BTC from its wallet address, according to on-chain data provider Arkham Intelligence. The whale originally received the BTC from the mining pool Poolin in June 2020 when the price of Bitcoin was $9,700, making the transaction worth $48.5 million.
Whale Transfer Worth $137 Million
However, due to the significant rise in the price of Bitcoin since then, the whale’s holdings are now valued at approximately $137 million. The whale transferred 4,000 BTC to one address and 1,000 BTC to another address. Both addresses are new and have not yet been identified.
Large Bitcoin Holders Have Been Active
Recently, there has been a trend of large Bitcoin holders transferring significant amounts of BTC from old wallets that have been inactive for years. This activity has raised concerns about whether these holders are selling their assets. However, in some cases, holders may simply be moving their assets to new addresses before distributing them further.
According to on-chain analytics platform Glassnode, the likelihood of Bitcoin holders selling decreases after 155 days. Research from the company also shows that the amount of BTC held by large holders is increasing by 100,000 per month.
Hot Take: Dormant Whale Awakens and Moves $137 Million Worth of Bitcoin
A dormant Bitcoin whale has made a significant move in the crypto world by transferring 5,000 BTC worth $137 million. This whale had been inactive since 2020 but recently decided to make its presence known. The rise in the price of Bitcoin since the initial transaction has significantly increased the value of the whale’s holdings. This movement is part of a larger trend of large Bitcoin holders becoming active and transferring funds from old wallets. While this activity may raise concerns about potential sell-offs, it is important to consider other factors such as asset redistribution. Overall, this move highlights the dynamic nature of the crypto market and the actions of influential players within it.
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