September 20, 2023 12:02 AM | 2 min read
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A substantial cache of Bitcoin (CRYPTO: BTC) that had been inactive since 2012 has abruptly come alive.
The Dormant Bitcoin
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The dormant Bitcoin, which witnessed a mind-boggling appreciation of over 240,000%, has resurfaced through a series of transactions.
While it remains uncertain if a single entity or multiple holders control the entire cache, initial data analysis suggests the involvement of a solitary whale investor.
It should be noted that the whale acquired Bitcoin on Valentine’s Day in 2012, when Bitcoin was still in its early stages when Bitcoin was trading for a mere $7.15.
In a series of five transactions, the Bitcoin whale moved 199.99 BTC, worth over $5.4 million, followed by a transaction of 185.12 BTC, worth over $5 million. The transactions were made from different wallet addresses.
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The third transaction had 97.41 BTC worth $2.6 million. A subsequent transaction saw the entity move 276.22 BTC worth over $7.48 million and a final one was made which had 151.15 BTC, worth over $4 million. In total, 24.48 million worth of BTC were moved from the address.
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What Is A Crypto Whale
A crypto whale is someone who holds a substantial amount of cryptocurrency. These individuals or entities are known for their large holdings, which have the potential to impact market trends and prices. Their transactions can influence liquidity and create volatility in the market, making them significant players in the cryptocurrency world. Traders and investors closely watch these whales as their actions can offer insights into market sentiment and potential price movements.
Price Action: At the time of writing, BTC was trading at $27,236, up 1.23% in the last 24 hours, according to Benzinga Pro.
Photo by Kitti Suwanekkasit on Shutterstock
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