Bitcoin: Dormant Whale Wakes up After 10 Years
A dormant Bitcoin investor has recently made moves in the market. The individual transferred over 279 BTC worth $7.8 million to three new wallets after not touching their cryptocurrency for ten years.
This information was revealed through a tweet from Lookonchain, a blockchain tracker. The Bitcoin holder initially received 1,128 BTC in 2012 and 2013, when the prices were $12 and $195, respectively. As of now, this individual has a total of $31.6 million in BTC.
A whale with 1,128 $BTC($31.6M) that has been dormant for 10 years transferred 279 $BTC($7.8M) to 3 new addresses just now.
The whale received 1,128 $BTC in October 2012 and May 2013, when prices were $12 and $195.https://t.co/2MxnVzcEMl pic.twitter.com/2GM7Oq4e2P
— Lookonchain (@lookonchain) April 21, 2023
Lately, there has been an increase in the movement of old Bitcoin stashes. These investors, known as “whales”, who hold a significant amount of cryptocurrency, have been emerging after long periods of time to move their investments.
In February, an old BTC address that hadn’t been active in 11 years moved $9.6 million worth of cryptocurrency, which had appreciated by 120,000,000% over the years.
A report by Arkham Intelligence in February stated that data indicates Bitcoin investors are once again focusing on long-term gains, as over 53% of coins ever minted hadn’t moved for more than two years. According to the Bank for International Settlements research, Bitcoin whales are the most successful crypto investors.
READ MORE: Bitcoin: Price Continues to Crash Dragging the Whole Crypto Market Along
The study also shows that investors who hold onto their assets for longer periods tend to fare better than those who buy and sell in a short time frame.
Currently, Bitcoin is trading for approximately $27,300 and is still down by more than 60% from its ATH.
Despite this, the digital asset with the largest market capitalization has seen a massive rise this year, starting at under $17,000 in January and peaking at $30,000 last week.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
