$115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next?
07 Abril 2024 - 9:30AM
NEWSBTC
Bitcoin is still pushing a price recovery on its quest to return to
the $70,000 price level. This has seen the cryptocurrency now
trading above $69,000, up by 1.6% in the past 24 hours. This price
fluctuation has occurred in the middle of increased accumulation
activity from some whales and some short-term holders.
Related Reading: Forget Q1 Slump: Solana Explodes Over 300% Amid
DEX Boom Blockchain analytics platform Lookonchain has revealed an
instance of whale activity on social media. An interesting
transaction came from a whale wallet which recently woke up after
10 years of dormancy to transfer 246 BTC worth $16.73 million.
Bitcoin Whale Wakes Up From 10-Year Slumber The Bitcoin blockchain
is home to a vast number of early investors with large amounts of
BTC that have remained dormant for many years. In fact, the
re-ignition of dormant Bitcoin addresses has been sporadic for the
past six months, particularly as the price of Bitcoin surged to new
all-time highs and with most causing a stir and rising interest
amongst Bitcoin investors. According to Lookonchain, a new Bitcoin
whale address has been added to the roster of wallets raised from
the dead. The whale address “1CLxmH” which held 1,701 BTC (worth
$115 million at the time of writing) during its 10-year period of
dormancy, recently woke up and transferred 246 BTC worth $16.73
million into another wallet. Interestingly, on-chain data shows the
whale address received 4,272 BTC throughout 2013 at an average
price of $29.39. A whale with 1,701 $BTC($115.42M) woke up
after 10 years of dormancy and transferred 246 $BTC($16.73M) out 20
mins ago. The whale received 4,272 $BTC($125,541 at the time) in
2013 at an average price of only $29.39. Address:
1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb —
Lookonchain (@lookonchain) April 6, 2024 Incoming Sell Pressure?
Reactivations of old dormant wallets are often driven by whales
looking to sell all or some of their holdings. Massive selloffs
like this often lead to a price slump and increase the selling
pressure from short-term investors. However, the motive behind the
reactivation of dormant addresses is impossible to predict and not
all of them indicate profit-taking. Bitcoin market cap
currently at $1.3 trillion. Chart: TradingView.com In this case,
transaction data shows the assets were transferred into two new
private wallets. 50 BTC were transferred into address “1PRREb,”
while 195 BTC were transferred into address “bc1qga.” At the time
of writing, address “1CLxmH” still holds 1,455 BTC worth $100.89
million. Related Reading: Bitcoin Dips, But Don’t Panic: ETFs
See Three Days Of Bullish Inflow In the ongoing spirit of an
accumulation from whales, Lookonchain outlined a new purchase from
another whale address. This address, which has accumulated 1,308
BTC worth $89.75 million at an average price of $68,617 since March
6, purchased another 113.735 BTC worth $7.85 million from Binance
less than 12 hours ago. With Bitcoin trading at $69,348, this
wallet now holds $90.7 million worth of the cryptocurrency.
Blockchain analytics platform Santiment noted this accumulation
pattern by the whales, revealing wallets holding between 100 and
100,000 BTC have purchased $21.6 billion worth of the
cryptocurrency in the last three months. Featured image from
Pexels, chart from TradingView
Flow (COIN:FLOWUSD)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Flow (COIN:FLOWUSD)
Gráfica de Acción Histórica
De May 2023 a May 2024