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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
