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- 1 A large amount of bitcoin from an account has been transferred to a new address after more than 10 years of dormancy.
- 2 1432.93 bitcoins worth $37.8 Million have been moved.
The last time the address received bitcoin was on April 9th, 2013. The price of bitcoin that time was $195.40. This fresh transfer of bitcoin leads to similar movements. A bitcoin transfer from another whale address was noted on April 24th. The account became active after a period of 12 years. It transferred around $11 Million to another address.
Similar activity was seen in another whale account transferring $61 Million bitcoin after nine years of inactivity. Likeways, many other dormant accounts are showing activities now. An account who hadn’t been shown any activity since the last 10 years is seen active by transferring 279 bitcoins. It is worth $7.8 Million. The transfer has been made to three new addresses.
In a similar way on April 24th, a dormant Ethereum address transferred a single Ether after 7.7 years of inactivity. It has participated in the project’s initial coin offering.
Bitcoin Whale Showing Sudden Transfer of Bitcoin
The blockchain tracker revealed that the whale had received 1,128 BTC in the months of October 2012 and May 2013. The prices of BTC that time were about $12 and $195. Today, the whale holds a total of $31.6 Million in BTC.
After a long hiatus, Bitcoin finally showed signs of movement. Dormant whales are now transferring BTC to other accounts thereby sparking activities in bitcoin again.
An old BTC address in February is noted to show activity after 11 years of passiveness. It has transferred $9.6 Million worth of the cryptocurrency which had increased by 120,000,000% over the years.
As per research by the Bank of International Settlements, Bitcoin whales are the most successful crypto investors. In February, they said that those who hold on assets for a longer period of time will earn more while those who buy and sell in a short time frame like the retailers, tend to lose it.
Bitcoin Market Cap is Still High
The Arkham Intelligence told Decrypt that the February data shows that the bitcoin investors are focusing on holding the assets, 53% of the coins minted are not budged for more than 2 years.
Bitcoin is trading at about $27,900. Its value decreased by 60% from the highest value of $69,045 which was reached in November 2021. It is gradually decreasing by 8% from the past week. Its market cap is still high and growing. It was $17,000 in January to $30,000 last week.
Since, bitcoin whales hold large amounts of bitcoin so their buy and sell can lead to substantial price rise, sudden activity by whales in the dormant account might lead to price fluctuations.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
