Friday, February 23, 2024
HomeCryptocurrenciesBitcoinBitcoin Whale Moves $7.8M Worth of Crypto After a Decade of Inactivity

Bitcoin Whale Moves $7.8M Worth of Crypto After a Decade of Inactivity

After a decade of inactivity, a sleeping Bitcoin whale has stirred once again. The holder moved over 279 BTC, which is equivalent to $7.8 million, to three new wallets. This move has raised questions about the intentions of the anonymous owner.

The Transaction Details

According to Lookonchain, an on-chain sleuth, the whale had originally received 1,128 BTC in October 2012 and May 2013 when Bitcoin prices were about $12 and $195, respectively. As of today, the whale holds a total of $31.6 million in BTC.

Whale Movements

This move is not unique. Several ancient, untouched Bitcoin stashes have been on the move recently. Whales, who are the individuals who have hoarded massive amounts of cryptocurrency, sometimes reemerge after long periods to move their investments to other addresses.

For instance, in February, an old BTC address that had not been active for 11 years suddenly came back to life and moved $9.6 million worth of the cryptocurrency, which had appreciated by 120,000,000% over the years.

Long-Term Investment Strategy

Bitcoin whales are among the most successful crypto investors, according to research conducted by the Bank for International Settlements. The research revealed that those who sit on their assets for years tend to do well, while the retail investor who buys and sells within a short time frame typically loses out.

Furthermore, data from blockchain firm Arkham Intelligence indicates that Bitcoin investors are once again focusing on long-term gains. Over 53% of the coins ever minted had not been moved for more than two years by February of this year.

Bitcoin’s Current Status

Bitcoin’s current value is trading at around $27,900, which is nearly 60% below its all-time high of $69,045 that it hit in November 2021. It is also down by over 8% in the past week.

However, the largest digital asset by market cap has still grown massively this year, having risen from under $17,000 in January to $30,000 last week.

Conclusion

The recent movement of the sleeping Bitcoin whale’s crypto after a decade of inactivity is an indicator of a long-term investment strategy by crypto investors. As more ancient Bitcoin stashes continue to move, the crypto market will remain an interesting space to watch.

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