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In a surprising turn of events, a long-dormant Bitcoin whale, inactive for approximately four years, has reemerged from the shadows, making a substantial move in the cryptocurrency market.
Lookonchain, a prominent crypto analytics platform, has reported that the whale has executed a transfer of 3,623 BTC, valued at an impressive $136.94 million, to two newly created wallets.
This financial giant had stealthily accumulated its crypto assets at an average cost of $6,889 per BTC in the period from Oct. 25, 2018, to Dec. 31, 2019. At that time, the total investment was a mere $24.96 million. Fast forward to today's market prices, and the whale is now sitting on a staggering profit of approximately $112 million.
A whale that had been dormant for ~4 years transferred all 3,623 $BTC($136.94M) to 2 new wallets 1 hour ago.
— Lookonchain (@lookonchain) November 30, 2023
This whale accumulated 3,623 $BTC($24.96M) at ~$6,889 from Oct 25, 2018 to Dec 31, 2019.
At current prices, the profit is ~$112M.https://t.co/QL3fPiV900 pic.twitter.com/wrMe4loIwm
The timing of this monumental move coincided with Bitcoin achieving its highest value since May 2022, soaring to an impressive $38,500 per BTC. The crypto community is abuzz with speculation, with some analysts pointing to a potential correlation between such awakenings of dormant Bitcoin holders and impending sell-offs.
Notably, a similar pattern emerged earlier this year, where a series of unexpected awakenings resulted in an 18% correction in the BTC price, plummeting to a temporary low of $24,777. While it is too early to determine if this recent awakening will spark a trend, market observers are keenly monitoring this development.
This resurgence marks the first of its kind in a while, and its implications for the broader crypto landscape are yet to be fully understood.