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A long-dormant Bitcoin whale has suddenly awakened, transferring a massive 14,000 BTC worth over $1.52 billion, sparking interest in the crypto community.
The Bitcoin in question comes from what is often referred to as the Post-Satoshi Era, a time when Bitcoin was gaining traction but years after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, exited the scene. Whales from this era often represent early adopters or institutional players who bought in before the major bull runs.
According to on-chain analytics platform Lookonchain, the transfer came from three wallets that had been dormant for six years.
The Bitcoin wallet received the said BTC from Xapo Bank on July 24, 2019, when Bitcoin was trading at around $9,936. At the time, the total value of the 14,000 BTC was over $139 million. Fast forward to today, and the value of that same stash has increased by more than 993%, marking a massive unrealized gain.
Though the exact reason for the move is unknown, it appears that the wallet holder — possibly a Bitcoin OG or early investor — has decided to reposition their holdings, possibly shifting the stash to new and more secure wallets, or that the whale decided it was time to sell.
Last Friday, over 80,000 BTC that were last active more than five years ago were moved on-chain, a rare event. According to Glassnode, this marks the third-largest single-day revival of old BTC supply in history.
Bitcoin price action
As Asia begins its Wednesday trading day, Bitcoin remains range-bound, with no major market-moving headlines.
Bitcoin remains range-bound, hovering above $108,800, as market confidence is required for a surge. According to CoinMarketCap data, the world's largest digital asset is trading at or above $108,793, up 0.32%.
Bitcoin has been consolidating since late June, keeping above the important $106,700, which coincides with the daily SMA 50, while facing strong resistance above $110,500 and finding strategic support near $105,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team