Bitcoin Whale Awakening After 10 Years, Will It Sell?

A Bitcoin movement took place that attracted the attention of the cryptocurrency world. An anonymous Bitcoin whale has transferred 279 BTC worth $7.8 million to three new wallets after ten years of inactivity. Here are the details…

An ancient Bitcoin whale has woken up

The whale, which first received 1,128 BTC in October 2012 and May 2013, currently holds $31.6 million in BTC, according to Lookonchain, which tracks movements on the blockchain. This move follows the movement of another old BTC address that was inactive for 11 years and then suddenly carried $9.6 million worth of cryptocurrencies, as we reported as Kriptokoin.com.

Bitcoin whales with large amounts of crypto assets are known to occasionally move their investments after being inactive for a long time. A report published by the Bank for International Settlements (BIS) in February stated that Bitcoin whales are the most successful crypto investors, as these investors tend to hold the asset for years, whereas individual investors who trade within short timeframes tend to lose.

In line with this trend, data from blockchain firm Arkham Intelligence revealed that Bitcoin investors are focusing on long-term gains, showing that more than 53 percent of coins mined so far had not moved in more than two years until February.

Why did BTC stashes go into action?

The motivation behind the recent surge in old Bitcoin stashes remains unclear, but some experts think it may be related to concerns about security breaches. Recent reports suggest that some early investors may be moving their funds from old wallets to new ones, out of fear that their crypto assets could be stolen from outdated wallets. The stolen cryptocurrencies are said to include not only Bitcoin but also Ethereum, various other altcoins and NFTs, but these reports are yet to be confirmed.

It is worth noting that the recent move of Bitcoin funds from legacy wallets is unlikely to have a significant impact on the overall market. The current price of Bitcoin is around $27,900, significantly below its all-time high of $69,045 in November 2021. However, despite a drop of over 8 percent in the past week, the crypto-asset has seen a huge spike this year, from below $17,000 in January to $30,000 in recent weeks.

All in all, the recent transfer of $7.8 million worth of Bitcoin by an anonymous whale highlights the growing trend of long-term investment in cryptocurrencies. While the reasons behind the movement of old Bitcoin stashes remain unclear, it is likely that some investors are taking precautions against possible security breaches. Despite recent price fluctuations, Bitcoin remains a popular investment option for those seeking long-term gains in the crypto market.