As a seasoned crypto investor with a keen interest in on-chain analysis and market trends, I find the recent activity of the dormant Bitcoin whale truly intriguing. The timing of these transactions, as Bitcoin’s price started recovering from its recent slump, adds an extra layer of speculation to the situation.
An inactive Bitcoin investor with a substantial stash, estimated at around 1,000 Bitcoins or approximately $61 million, has reemerged after an eleven-year slumber. This significant transaction occurred as Bitcoin’s price began to rebound.
Based on data from the on-chain analysis provider Lookonchain, a cryptocurrency whale conducted two transactions following a decade-long absence. In these transactions, the whale transferred funds from wallets that had received 500 BTC each in September 2013, when the price of Bitcoin was only $124 per coin.
A whale amassed a total of $124,000 in Bitcoin (BTC) back then, and since then, it hasn’t taken any action. Consequently, BTC’s value skyrocketed approximately 50,000%, reaching a current price of $63,000 per coin. The whale subsequently transferred its Bitcoins to two distinct wallets.
Two wallets, inactive for a decade and eleven months, recently moved their entire balance of 1,000 $BTC ($60.9 million) within the last twenty minutes.— Lookonchain (@lookonchain) May 12, 2024
Over the past month, the price of Bitcoin, the leading cryptocurrency, has hovered around the $59,000 to $67,000 bracket following a drop from its record high of over $73,000 this year due to the introduction of spot Bitcoin ETFs in the US. At this time, the movements of the whale (significant investor) have been observed.
According to CryptoGlobe’s latest report, Susquehanna International Group, a prominent Wall Street firm recognized for handling large transactions in various financial instruments, has substantially boosted its holdings of Bitcoin. In the first quarter of 2024, they accumulated a substantial $1.2 billion investment in this leading cryptocurrency.
Based on a recent SEC filing, Susquehanna International owns over 17.2 million shares in the Grayscale Bitcoin Trust (GBTC), worth around $1.09 billion as of March 31. Additionally, they hold approximately 1.35 million shares in Fidelity’s spot Bitcoin ETF (FBTC), with a value of around $83.74 million.
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2024-05-14 02:01