A dormant wallet activated after 8.5 years.
A Bitcoin whale that has been dormant for close to 9 years has just gone active. The said crypto wallet holds a stash of 1,000 BTC coins worth around $30.39 million at the current market price. 8.5 years before the 1000 BTC were worth $468,643. This is an increase of almost 6301.46%.
The news was broken on Twitter by Whale Alert, an entity that focuses on tracking and reporting on blockchain analytics and transactions.
— Whale Alert (@whale_alert) May 13, 2022
Signs Of Flight?
The sudden whale activity has sparked a hot conversation about what it means for the market. Is it that Bitcoin whales are now scared of the price crash or is this just an isolated incident of a whale electing to go active at this particular time? It’s still unclear what the whale is planning to do with the 1,000 BTC held in that wallet.
As reported by TheCryptoBasic, the number of Bitcoin whales is decreasing at an alarming rate, which means whales are selling and not holding BTC anymore. As of January 19, 2022, BTC whales in the market totaled 1,781. Today, the number has decreased to 1,776, marking an 18-month low.
Granted, there may be some fear spreading among investors in the crypto market after Terra Luna’s sudden capitulation. However, it’s fair to note that Luna’s case is very different from what usually happens to the rest of the market. Terra Luna was attacked.
Not The First Whale To Wake Up
Notably, this is not the first Bitcoin whale to go active after years of slumber. Just recently, another Bitcoin wallet containing 1,000 BTC was activated. This particular one was dormant for over 12 years. This indicates a trend of long-time BTC whales going active. It’s still unknown whether these wallets belong to the same person or if they’re just isolated incidents.
Either way, the owner of this wallet are in for huge profits considering the prices at which they bought Bitcoin almost a decade ago.