On Tuesday, a dormant whale again moved more than 250 million dollars in Bitcoin (CRYPTO:BTC).
What happened
According to on-chain tracking platform Lookonchain, the investor suddenly became active again and moved 2,700 BTC to a new address. The total value of the Bitcoins transferred was estimated at $257.45 million.
On December 21, 2013, the whale received the amount of 2,700 BTC, worth $625.84 per unit. If the transferred amount had been sold, the whale could have made a profit of around $255.786 million, which represents an incredible return of 15135.8%.
A whale with 2,700 $BTC($257.45M) transferred all 2,700 $BTC($257.45M) out after being dormant for 11 years.
The whale received 2,700 $BTC on Dec 21, 2013, when the price was $625.84.https://t.co/cizfddOnn6 pic.twitter.com/E2CXEDaTVK
— Lookonchain (@lookonchain) December 4, 2024
The popular Cryptocurrency market watcher, JA Maartunnalso weighed in on this fascinating development, stating that an event like this has only happened once.
🚨 Satoshi, are you there?
2,700 Bitcoin that had been dormant for more than 10 years has just moved. This event has only occurred once before. pic.twitter.com/FJ0K3kt4yT
— Maartunn (@JA_Maartun) December 3, 2024
Why is it important
Bitcoin whale activity often influences the cryptocurrency market. Large transactions can cause significant price fluctuations, either positively or negatively.
Additionally, the awakening of dormant whales could indicate that long-term holders are liquidating their Bitcoin holdings.
IntoTheBlock data also matches this narrative, showing a drop in the Bitcoin balance held by long-term HODLers.
A 90% spike in net Bitcoin exchange flows also supported the idea that funds were likely being liquidated.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $96,612.29, up 1.25% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Wednesday: DLTR, CRM, HRL, MRVL and PVH
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
