A Bitcoin whale that had been inactive for 14 years recently transferred 14,273 BTC, worth about $1.67 billion, to exchanges through Galaxy Digital. This large movement raised concerns about a possible sell-off, making crypto investors anxious. Data shows that over 10,000 BTC was traded on Binance, indicating active selling.
Bitcoin Whale Stirs Market
This ancient wallet from the early days of Bitcoin suddenly woke up and moved a staggering 14,273 BTC, which got the market worried. This case is just one of many, with many more suddenly becoming active again. This whale seems to be an early miner, and the transfer may signal a desire to take profits after Bitcoin’s recent rise.
A recent report revealed that an inactive wallet moved 80,000 BTC (around $9.6 billion) to Galaxy Digital earlier this month, suggesting that similar transfers can lead to short-term price drops. However, the market is becoming more mature, with institutional investments helping to prevent severe crashes.
Bitcoin’s recent climb to $123,000 likely encouraged these dormant whales to cash in on their gains. The transfer, done through Galaxy Digital’s OTC desk, was likely a careful way to avoid causing disruption in the market. Positive news around Bitcoin ETFs has increased confidence, which might have motivated whales to move their assets.
A Recent Trend of Dormant Whale Activity
The crypto market has seen increased activity from old Bitcoin holders. Recently, a Bitcoin whale inactive for 14 years moved 20,000 BTC worth $2.18 billion. This large transaction could signal changes as Bitcoin approaches a dip season. The bitcoin whale has held these bitcoins since 2011, earning a 140,000 times return on an initial investment of $109,246.
Just yesterday, another Satoshi-era wallet containing 3,962 BTC, worth about $468 million, suddenly sprang to life after 14.5 years of being unused. This wallet was originally funded in January 2011 when Bitcoin was just $0.37, making the initial value only $1,453. The entire balance was transferred to a new address. This action has led to speculation about the owner’s plans.
While these transfers can cause short-term price swings, institutional buying is helping to reduce the impact. Investors are now paying close attention to any further whale activity that could affect prices.
