Bitcoin Whale Makes Waves Moving $11M After Years of Inactivity

On April 24, 2023, a Bitcoin whale wallet that had been dormant for nearly 12 years sprang back to life, moving a total of 400 Bitcoins — currently valued at around $11 million. The transactions involved transferring 360 BTC ($9.8 million) to a single wallet and distributing the remaining 40 BTC among various other addresses.

This isn’t the only large whale movement this month. Last week, a whale moved 279 BTC ($7.6 million) to new wallets following a 10-year dormancy. In February, an 11-year-old dormant BTC address moved $9.6 million worth of Bitcoin, which had appreciated by 120,000,000% since the investor originally acquired them at $8 per coin.

While large transactions happen regularly, decade-long inactivity is relatively uncommon, according to Kirill Kretov, a developer specializing in automated trading tools. Speaking to a media outlet, Kretov also suggested that the same entity might be behind the recent spate of large-scale whale activities.

Bitcoin whales are among the most successful investors, as the value of the cryptocurrency has skyrocketed by over 40,000% in the past decade. Research shows that long-term holders tend to reap the greatest rewards, while inexperienced retail investors engaging in short-term trading often lose money.

The abrupt reactivation of this dormant wallet has captured the attention of the cryptocurrency community, with many speculating about the wallet owner’s identity and the motives behind the move. A well-known crypto trader, referred to as “the wolf,” put forth the idea that these could be “old hacking wallets.”

Additionally, some Twitter users have hypothesized that the wallet might be linked to individuals involved in the Silk Road, who are now being released from prison.