TL;DR
- A Bitcoin whale that had been dormant for over a decade transferred its entire stack of 687.33 BTC, worth around $43.94 million at the time of the transaction, on Monday, May 6, 2024.
- The move came amidst a steady BTC rally, with Bitcoin rebounding past $64,000. The significant profit gained by the Bitcoin whale raises the likelihood of a market dump.
- Despite concerns about a potential selloff, the market remains optimistic. The awakening of this long-dormant Bitcoin whale underscores the ever-persistent intrigue in the crypto world.
A Bitcoin whale that has been dormant for over a decade has awakened, transferring its entire stack of BTC, worth tens of millions of dollars. The whale made this massive transfer on Monday, May 6, 2024, amidst a steady BTC rally during the weekend.
A wallet that has been dormant for 10.3 years transferred all 687.33 $BTC($43.94M) out 10 mins ago.
The whale received 687.33 $BTC($630K at that time) on Jan 12, 2014, when the price was $917.
Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G pic.twitter.com/tEPqM0CrrK
— Lookonchain (@lookonchain) May 6, 2024
The dormant Bitcoin whale transferred a staggering 687.33 BTC, which was worth around $43.94 million at the time of the transaction. The wallet in question originally received the Bitcoin on January 12, 2014, when 1 BTC was exchanging hands at $917. This indicates a gigantic profit of 6,875%.
This move came as Bitcoin managed to rebound past $64,000. The largest crypto asset by market cap pulled a surprise $64K comeback following a 17% plunge in April to a two-month low of $57,608. As of press time, BTC is down less than 1% in the last 24 hours to trade just below $64,000.
The owner of the wallet and the purpose behind the transaction are still undisclosed. However, this isn’t an isolated incident, as there have been several instances of inactive Bitcoin wallets springing into action lately.
Bitcoin’s Market Impact: The Whale’s Profitable Move
Notably, on March 25, a blockchain analytics company observed that the fifth-largest Bitcoin wallet transferred nearly all of its holdings, amounting to 94.5K BTC valued at $6.05 billion. These funds have remained untouched in the wallet since 2019.
The sudden movement of the substantial Bitcoin holdings might be an attempt to capitalize on the recent surge in prices. The significant gains accrued by the Bitcoin whale underscore the likelihood of a market dump. Should this large-scale disposal occur, it has the potential to exert downward pressure on Bitcoin’s value during its period of resurgence.
However, this transfer also gives rise to apprehensions regarding a potential selloff. The sudden movement of funds might have been orchestrated to unload the substantial Bitcoin reserve during the recent price surge. The significant profit gained by the Bitcoin whale further bolsters the likelihood of a market dump. Should such a large-scale sell-off occur, it has the potential to exert a negative impact on Bitcoin’s price amidst its recovery.
Despite these concerns, the market remains optimistic. The awakening of this long-dormant Bitcoin whale underscores the ever-persistent intrigue in the crypto world. It’s a vivid reminder that even seemingly hibernating giants can stir, sending ripples of speculation and curiosity through the digital asset landscape.
