In a surprising turn of events, a long-dormant bitcoin whale, inactive for about four years, has emerged from the shadows and made a significant move in the cryptocurrency market.
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 been secretly accumulating its crypto assets at an average cost of $6,889 each during the period from October 25, 2018 to December 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.
The timing of this monumental move coincided with Bitcoin reaching 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 possible correlation between such awakenings of dormant bitcoin holders and impending sell-offs.
Notably, a similar pattern emerged earlier this year, when a series of unexpected awakenings led to an 18% correction in the , which plunged to a temporary low of $24,777. While it is too early to determine if this latest awakening will spark a trend, market watchers are closely monitoring this development.
This resurgence is the first of its kind in some time, and its implications for the broader crypto landscape are yet to be fully understood.
