thecoinrepublic.com
- 1 After being dormant for 12 years, Bitcoin Whale moved 400 BTCs to different addresses.
- 2 Bitcoin wallet addresses holding more than 1,000 BTC are declining.
Crypto whales are HODLers with significant assets stored for a considerable time. Recently, a Bitcoin whale, dormant for 12 years, made transactions of 400BTC worth $11 Million, On April 24, 2023. 360 BTCs were sent to one address worth $9.8 Million, while the remaining 40 were transferred to different locations.
Bitcoin Whale Reactivates After 12 Years
Whales invest millions of dollars in cryptocurrency and only move their assets between addresses after a long time. Every time they make a transaction, the amount is generally huge. Such transfers make a considerable difference in trading volumes, thereby affecting the price.
Another whale moved 279 BTC, worth $2.9 Million, to a new address last week after being dormant for over a decade of inactivity. In February 2023, an old BTC address that showed no activity over the previous 11 years made transactions by moving $9.6 Million worth of Bitcoin.
Interestingly the value of Bitcoin is up 120,000,000% in the last 11 years, and many investors bought it at around $8. Many analysts argue that the scenario of decade-long inactivity is common among whales.
Kirill Kretov, a developer of tools that facilitates automated trading, said that,
“An awakening of 2011 is rather rare, but we don’t know how much their owners have in total. It might be that recent large awakenings could also be attributed to the same entity.”
Whales are considered the most successful investors, as Bitcoin is up by around 40,000% in 10 years. Studies show that investors who sit on cryptocurrency for a long time make the most significant profits. In comparison, the buyers and sellers who spend less time with the assets and generate mediocre profit than whales.
The Bitcoin Whale Scenario
Bitcoin whales or wallet addresses with over 1,000 BTC have hit the lowest numbers since 2019. On February 19, 2023, there were around 2,027 whales; a similar kind of drop was registered on August 5, 2019, when the numbers dropped to 2,023. The highest number achieved was 2,500 in February 2021, but there has been a steady decline ever since.
Mega whales are the ones having more than 10,000 BTCs in their wallets. The number of such addresses is currently around 117, which was 123 in November 2022 and reached 126 in October 2018.
Minnows or wallets with more than 1 BTC totals around 982,000 which were 788,000 in February 2020.
At press time, Bitcoin was trading at $27,367.70 with a drop of 0.17%, and its value against Ethereum gained 1.32% to 15.03 ETH. The market cap dipped by 0.10% to $529 Billion, and trading volume hiked by 1.87% to $15.6 Billion in the last 24 hours. Ranking at number 1, the market dominance was 46.09%.