Three Dormant Bitcoin Whale Wallets Move 6,500 BTC Worth $230 Million
Yesterday, three old Bitcoin whale wallets that had been inactive since November 2017 moved a total of 6,500 BTC, which is approximately worth $230 million. The identity of these whales remains unknown. However, the first Bitcoins received in these wallets date back to July 2011 and came from an address linked to the F2Pool mining pool. These miners likely started in July 2011 and stopped in November 2017 when the price of Bitcoin reached $7,800. It is speculated that they may have cashed in a significant amount during that period.
The F2Pool Mining Pool
F2Pool is one of the leading Bitcoin mining pools globally and was founded in 2013. However, the three addresses that transferred the 6,500 BTC yesterday received their initial BTC from addresses associated with F2Pool. This suggests a connection between the Chinese miners who founded F2Pool and the whales behind these wallets. The recent transfer occurred during nighttime in China and late morning in the US.
Destination of the BTC
The exact destination of the transferred BTC is unclear. They may have been sent to exchanges for selling or moved to newer or more secure wallets. There have been no reports of large Bitcoin sales following the transfer, and the price even started rising shortly after. Since these are long-held proprietary wallets, it seems unlikely that they were moved to exchanges. It is possible that they were transferred to new SegWit addresses due to their legacy address status.
Hot Take: Bitcoin Whales Reactivate Dormant Wallets
Yesterday’s movement of 6,500 BTC from three dormant Bitcoin whale wallets has sparked curiosity and speculation within the crypto community. The identity of these whales remains unknown, but their mining activities from 2011 to 2017 suggest they may have accumulated a significant amount of Bitcoin during the early years. The connection to F2Pool raises questions about the involvement of Chinese miners. While it is unclear where the BTC was transferred, it is unlikely that they were sold immediately. The reactivation of these wallets highlights the potential impact that large Bitcoin holders can have on the market and leaves us wondering what their next move will be.
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