The dormant Bitcoin, which saw an exceptional appreciation of more than 240,000%, was moved through a series of transactions
On Wednesday, a significant amount of Bitcoin (BTC/USD) that had been inactive since 2012 suddenly became active, marking a notable event in the crypto currency world. The dormant Bitcoin, which saw an exceptional appreciation of more than 240,000%, was moved through a series of transactions.
In the latest record of whale transactions this year, on-chain data disclosed that a set of dormant Bitcoin from 2017 also moved for the first time in six years. Blockchain security and data analytics company Peckshield reported that the previously inactive address, which held 2,100 bitcoin, has now become active, with its assets moved to a different address.
The Bitcoin from 2012 was acquired by an entity, possibly a single whale investor, on Valentine’s Day when Bitcoin was trading for only $7.15. In total, $24.48 million worth of bitcoin were moved from the address through five transactions. The transactions were made from different wallet addresses and involved different amounts of bitcoin.
In the meantime, the Bitcoin address that woke up from dormancy since 2017 initially had its first Bitcoin transaction of 2099.99 bitcoin on October 10, 2019. The accumulated balance in the wallet address saw a considerable rise to $56.3 million at the point of transfer, suggesting a significant profit of $44.5 million.
Crypto whales are individuals or entities who hold a large amount of crypto currency. Their transactions can affect liquidity and create volatility in the market, making them considerable players in the crypto currency world. Traders and investors closely watch these whales as their actions can offer insights into market sentiment and potential price movements.
At one time on Wednesday, bitcoin was changing hands at $27,236, 1.23% higher during the past 24 hours.
While it remains uncertain if these recent transactions are indicating a potential sell-off or just a transfer into a safer wallet, the movements have definitely stirred interest and speculation among the Bitcoin community. Nevertheless, according to on-chain data, the 2,100 bitcoin are still held in a private address, suggesting they are possibly still in self-custody.
