A dormant whale resurfaced after 11 years on Tuesday, moving over $250 million worth of Bitcoin BTC/USD.
What Happened: According to the on-chain tracking platform Lookonchain, the investor suddenly became active, moving 2,700 BTCs to a new address. The total value of the transferred Bitcoin was estimated to be $257.45 million.
The whale received the stash on Dec. 21, 2013, when Bitcoin was priced at $625.84 per unit. If the transferred amount was intended to be sold, the whale would make a profit of around $255.786 million, representing a staggering 15135.8% return.
Popular cryptocurrency market observer JA Maartunn also weighed in on the fascinating development, stating that such an event only happened once before.
See Also: XRP Becomes Third-Most Valued Crypto — Beats Boeing, Nike In Market Capitalization
Why It Matters: The activity of Bitcoin whales often influences the cryptocurrency market. Large transactions can cause significant price fluctuations, either positively or negatively.
Furthermore, the awakening of dormant whales could indicate that long-term holders are cashing out their Bitcoin holdings.
Data from IntoTheBlock concurred with this narrative, showing a dip in the Bitcoin balance held by long-term HODLers.
A 90% spike in Bitcoin’s exchange net flows also supported the idea that funds were likely getting liquidated.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,612.29, up 1.25% in the last 24 hours, according to data from Benzinga Pro.
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