As an analyst with over two decades of experience in financial markets, I have witnessed numerous market trends and cycles, but the current surge in Bitcoin is undeniably one for the history books. The recent move by a long-dormant Bitcoin whale to cash out a staggering $257 million in BTC, after seeing their holdings soar over 15,000%, is a testament to the unparalleled growth of this digital asset.
A dormant Bitcoin investor, who hadn’t made any moves for 11 years, recently reappeared, executing a transaction worth approximately $257 million in Bitcoin. This is due to the dramatic increase of more than 15,300% in the value of their holdings since their last activity, reflecting the soaring price of Bitcoin over this period.
As reported by on-chain analysis service Lookonchain, a large Bitcoin holder (referred to as a whale) who had been inactive for quite some time received approximately 2,700 BTC in December 2013 when the value of one Bitcoin was roughly $625.84. Since then, Bitcoin’s price has skyrocketed more than 15,300%, with its current value standing at around $96,320.
The significant actions taken by major Bitcoin investors, often referred to as “whales,” have a substantial impact on the price of this leading cryptocurrency. These whales, many of whom were active during Satoshi Nakamoto’s time as creator (circa 2010), are particularly influential and closely monitored due to their enduring presence in the Bitcoin market.
At a point recently, the number of Bitcoin exchanges holding reserves reached an all-time low in many years, following significant withdrawals that occurred since the U.S. presidential election in early November. This surge in outflows contributed to a powerful upswing in the overall cryptocurrency market.
Since Republican presidential candidate Donald Trump won the election in 2016, approximately 171,000 Bitcoins have been transferred out of cryptocurrency trading platforms, possibly due to Trump’s pro-cryptocurrency views during his campaign. This mass movement may have contributed to a subsequent market rally.
According to a report from CryptoGlobe, large Bitcoin investors (referred to as “whales”) have been slowly purchasing more Bitcoins over the past few weeks since its value has stayed below the significant barrier of approximately $100,000. Data from CryptoQuant indicates that around 16,000 Bitcoins, worth nearly $1.5 billion, were added to their reserves in a single day toward the end of last month.
When fewer Bitcoins are held on exchanges, it indicates that there’s less Bitcoin supply circulating in the market. If this reduced supply coincides with constant or increasing demand, it could potentially cause the price of cryptocurrencies to increase.
The price of Bitcoin has been strolling to surpass the $100,000 psychological barrier after surging exponentially after Trump secured the US elections. The cryptocurrency is, at the time of writing, trading at $96.700 after moving up more than 40% in the last month.
As more and more whales invest, the combined Bitcoins held in the Bitcoin exchange-traded fund (ETF) managed by global leader BlackRock has now exceeded half a million Bitcoins.
A Nasdaq-listed company named MicroStrategy continues to amass large quantities of Bitcoin. Recently, it purchased an additional 15,400 coins at a cost of $1.5 billion, increasing its Bitcoin holdings to more than 400,000 units in total.
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2024-12-05 03:03