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Bitcoin continues to drive price recovery, seeking to return to the $70,000 price level.
Blockchain analytics platform Lookonchain revealed an example of whale activity on social media. An interesting transaction came from a whale wallet that recently woke up after 10 years of dormancy, transferring 246 bitcoins worth $16.73 million.
Whales Wake Up from 10-Year Dormancy in Bitcoin
The Bitcoin blockchain is home to a large number of early investors who hold a significant amount of bitcoins that have been idle for many years. In fact, over the past six months, the reactivation of dormant Bitcoin addresses has been sporadic, especially as the price of Bitcoin soared to new all-time highs, with most causing a stir and increasing interest among Bitcoin investors.
According to Lookonchain, a new Bitcoin whale address has been added to the list of dormant wallets. The whale address "1CLxmH" held 1,701 bitcoins (valued at $115.42 million at the time of writing) during its 10-year dormancy period, woke up recently, and transferred 246 bitcoins worth $16.73 million to another wallet. Interestingly, on-chain data shows that the whale address received 4,272 bitcoins throughout the whole of 2013, with an average price of $29.39.
A whale weighing 1,701 BTC (worth $115.42 million) woke up after 10 years of dormancy and transferred 246 BTC 20 minutes ago. In 2013, this whale acquired 4,272 BTC (worth $125,541 at the time) at an average price of $29.39.
Upcoming Selling Pressure?
The reactivation of old dormant wallets is typically driven by whales looking to sell all or part of their assets. Large-scale sales like this often lead to price crashes and increase selling pressure from short-term investors. However, the motives behind reactivating dormant addresses are unpredictable, and not all addresses indicate profit-taking.
In this case, transaction data shows that the assets were transferred to two new private wallets. 50 BTC was moved to the address "1PRREb," while 195 BTC was transferred to the address "bc1qga." At the time of writing, the address "1CLxmH" still holds 1,455 BTC, valued at $100.89 million.
In the spirit of whales continuously accumulating, Lookonchain outlined new purchases made from another whale address. Since March 6th, the address has accumulated 1,308 bitcoins at an average price of $68,617, worth $89.75 million. Less than 12 hours ago, the address made another purchase from Binance, acquiring 113,735 bitcoins for $7.85 million. With Bitcoin trading at $69,348, the wallet currently holds cryptocurrency worth $90.70 million.
Blockchain analytics platform Santiment noticed this accumulation pattern among whales, showing that wallets holding 100 to 10,000 bitcoins purchased $21.6 billion worth of cryptocurrencies in the past three months. |
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Post time 17-4-2024 08:28:12