Nine Years of Hibernation Ends: Dormant Bitcoin Whale Transfers $60 Million in One Go
According to a recent report from on-chain analyst Lookonchain, a Bitcoin whale that has been inactive for nine years has recently transferred $60 million worth of Bitcoin. The transfer was initiated from a wallet that has been dormant since 2013, and the Bitcoin was transferred to an unknown wallet.
This news has caused a commotion among the cryptocurrency community, with many speculating about the identity of the whale and the motives behind the transfer. It is worth noting that on Dec 19, 2013, the newly active address received 6,071.5 bitcoins when the price of one bitcoin was only $663.
Significance of this Move
Bitcoin whales, which refer to individuals or entities holding substantial amounts of Bitcoin, have a significant impact on the cryptocurrency market. Recently, the transfer of Bitcoin worth $60 million has caused a stir in the market, leading to fluctuations in Bitcoin prices for several hours.
It is unclear how the market will react in the upcoming days, and the identity of the whale behind the transfer remains unknown despite nine years of inactivity. Analysts have speculated that the whale could be a long-term holder taking profits or this move could be linked to a more substantial market movement.
The value of Bitcoin has displayed a considerable amount of fluctuation in recent months, with significant price variations being observed. The transfer of a whopping $60 million worth of Bitcoin is predicted to add to this volatility, and it will be intriguing to witness the market’s response in the upcoming days. As of the time of writing, the value of Bitcoin has plummeted by almost 4% within the last 24 hours, and the leading cryptocurrency is presently trading just below $29,000.