u.today
The sharp market rally seen in the past day has suddenly awakened a long-dormant Bitcoin whale that has remained inactive for about five to seven years.
According to recent on-chain data shared by a CryptoQuant analyst, Maartun, an unknown Bitcoin whale has moved over 2,373 $BTC that had remained untouched for between five and seven years.
Old Bitcoin whales resurface again
In addition to the data, the analyst further shared a chart from CryptoQuant's Spent Output Age Bands metric, which revealed a sharp spike in activity from older Bitcoin holdings.
While the data showed that Bitcoin tokens held for a longer period — between five and seven years — accounted for most of the transactions, one major movement that stood out was the 2,373 $BTC transfer.
While the move happened as Bitcoin reclaimed the $66,000 level, the transfer was worth about $156 million, sparking discussions across the crypto community.
The 2,373 $BTC move, alongside the sudden spike in older Bitcoin movements seen following the sharp market rally, marks one of the most notable awakenings of dormant Bitcoin supply in recent weeks.
Did the whale sell?
While the transaction has caught the attention of market watchers and analysts, it has stirred curiosity as to whether the old Bitcoin reawakening was an attempt to sell or buy, and whether it is bullish for the asset.
It is important to note that there are multiple reasons the whale could have moved the assets after such a long time, which could include efforts to restructure the portfolio or profit-taking; hence, it is unclear whether it is bullish for Bitcoin or not.