coindesk.com
Imagine discovering a dusty 2013 lottery ticket stashed under your mattress, now worth $84 million. You'd rush to cash it in or at least move it to a secure place.
A bitcoin BTC$91,663.55 whale's massive on-chain move after over 12 years of dormancy, or on-chain inactivity, gives off the exact same vibe.
Late Monday, an address labelled "1A2hq…pZGZm moved 909 BTC, worth over $84 million, to a new address, "bc1qk…sxaeh," according to data tracked by blockchain sleuths Whale Alert and Lookonchain. This ancient wallet first accumulated bitcoin in 2013, when the cryptocurrency's price was less than $7, which means it is sitting on an unrealized gain of over 13,000%.
The old whale's on-chain move fits a pattern observed after BTC smashed past $100,000 last year, jolting dormant addresses loaded with massive paper profits back to life.
These wake ups, therefore, spark a buzz on social media about a potential profit-taking operation that may drive bitcoin prices lower.
That said, none of the whale coins that moved late Monday have been transferred to exchanges yet, so the transfer to the new address might be a consolidation or security move rather than a preparation for sale.
Bitcoin last changed hands near $92,000.