As an analyst with over two decades of experience in the financial industry and a keen interest in cryptocurrencies, I find myself intrigued by these recent developments in the world of Bitcoin. The awakening of long-dormant whales is reminiscent of a bear stirring from hibernation to feast on ripe fruit.
An inactive Bitcoin ‘giant’ (or whale) has awoken from a twelve-year hibernation as the price of Bitcoin surpassed $71,000, transferring approximately 159 Bitcoins valued at around $11.3 million from its digital wallet.
A large investor in cryptocurrencies, who accumulated approximately 749 Bitcoins back in 2012 when the value was roughly $11 per coin, totaling around $8,151, had not made any transactions for more than a decade until now.
Initially, the transaction under scrutiny was detected by the blockchain monitoring service, Lookonchain. Furthermore, based on information provided by BitInfoCharts, it appears that this substantial investor (the whale) continues to hold approximately $42.3 million in the leading cryptocurrency in their possession.
As an analyst, I recently observed a significant event in the Bitcoin market: The price surpassed $71,000, and a dormant whale, who had amassed 749 BTC ($8,151 at the time) back in 2012 when the price was just $11, stirred from its slumber. This dormant period lasted for 12 years. Remarkably, this whale then moved out a substantial amount of 159 BTC ($11.32M), equivalent to nearly one-fifth of their initial holdings.
— Lookonchain (@lookonchain) October 29, 2024
The transaction comes just days after a Satoshi-era Bitcoin whale who has held their cryptocurrency since 2009 begun to sell their holdings, after it started mining the flagship cryptocurrency just five days after its first block was created.
A whale’s collection contains “Bitcoins from the Satoshi era,” a timeframe that spans while Satoshi Nakamoto, Bitcoin’s anonymous creator, was an active participant within the community. Satoshi Nakamoto became inactive in the crypto sphere by December 2010.
The transaction also comes shortly after the Royal Government of Bhutan started depositing large amounts of BTC into leading cryptocurrency exchange Binance. The funds came from the wallet associated with its sovereign holding company Druk Holdings.
Since 2011, Druk Holdings has amassed Bitcoin (BTC) by running a crypto-mining facility that produces approximately 55 to 75 BTC weekly. This energy-efficient operation leverages affordable and eco-friendly hydropower for its power source.
According to Arkham Intelligence’s findings, Druk Holdings’ digital wallet has been in use since the beginning of 2021 and has consistently been adding funds, with occasional withdrawals. Furthermore, it appears that the company has utilized cryptocurrency lending platforms to earn interest on their investments.
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2024-10-30 06:07