Bitcoin whales keep waking up!

Two Bitcoin addresses that had lain dormant for a decade have come back to life, transferring a total of 1,000 BTC, now valued at over USD $500 million.

Let's go back to September 2024. Back then, these two addresses acquired 500 BTC each, at a price of USD $62,800 per coin, for a total of USD $314,000. Fast forward to the present, and that same Bitcoin is now trading at USD $500,000, representing an 800% increase.

The identity of the owners of these addresses and their motivations for moving their funds after a decade remain a mystery. However, the similarity in the amounts transferred and the temporal proximity of the transactions suggest that it is likely that both addresses belong to the same entity.

The resurgence of these sleeping whales has generated speculation among the Bitcoin community. Some interpret this move as a sign that long-term investors are starting to take profits, taking advantage of the recent Bitcoin price rally.

Others, meanwhile, see it as simply a consolidation of funds, moving assets into safer portfolios.

The impact of these transfers on the Bitcoin price remains to be seen. If it is a generalized trend of selling by early investors, it could put downward pressure on the price.

However, if it is simply a consolidation, the impact is likely to be minimal.

What is certain is that this move has piqued the interest of the crypto community. All eyes are on these sleeping whales to see if this is an isolated event or the beginning of a wave of selling by large investors.

Only time will tell what the future holds for Bitcoin.

Remember:

This is only a hypothetical example and there is no guarantee that the price of Bitcoin will increase in this way in the future. The idea to write it came to me after seeing how two addresses moved 1,000 bitcoins yesterday Sunday, bought in 2013 for USD $124 ea.

https://www.blockchain.com/explorer/addresses/btc/16vRqAJ1wfuFBkVMabKnZHLkeN3uwqjzEa https://www.blockchain.com/explorer/addresses/btc/1DUJuHGVT4sa1VMGjfF9YdFnFAEw6NgfC5

The move is valued at about USD $62 million at today's Bitcoin price today, May 13, 2024, of $62,800 per coin.

Last week, a stack of 687.33 BTC — worth over $44 million — was also moved for the first time in a decade.

In March, the fifth richest address on the Bitcoin blockchain, which had been dormant since 2019, moved $6 billion. Another entity also combined $140 million in bitcoin mined in 2010 into a single wallet during the same month.

In January, nearly 50,000 dormant bitcoin woke up less than a week after spot bitcoin exchange-traded funds were approved in the United States.