- Two Bitcoin whale addresses that had been dormant for almost 11 years have suddenly sprung to life, initiating large-scale Bitcoin transactions and reaping substantial profits.
- The anonymous whale wallets, identified as “16vRqA” and “1DUJuH”, transferred a total of 1,000 BTC valued at $60.9 million in the span of 20 minutes.
- Following the transfer, Bitcoin’s price surged by 2.92% in just 24 hours, trading at $62,800.
Two Bitcoin whale addresses dormant for nearly 11 years have initiated large-scale Bitcoin transactions, causing a surge in Bitcoin’s price and highlighting the influence of large-scale transactions on the market.
Early Bitcoin Whales Move 1,000 BTC
Blockchain analytics platform Lookonchain recently unveiled two Satoshi-era whale wallets which have been inert for 10.7 years suddenly showing signs of activity. The anonymous whale wallets, identified as “16vRqA” and “1DUJuH” had cumulatively transferred a total of 1,000 BTC valued at $60.9 million in the span of 20 minutes.
Significant Profits Realized
According to Lookonchain, the two previously dormant Bitcoin whale wallets had purchased about 500 BTC each as early as September 13, 2013, just four years after the cryptocurrency’s inception. At the time, the price of BTC was about $124. Now with the price of Bitcoin slightly above $61,200 at the time of the transfer, these anonymous Bitcoin whales have realized significant profits. Over the past 10 years, Bitcoin has skyrocketed by an astonishing 47,873%, resulting in each wallet’s initial BTC investment of $62,000 now yielding a profit of $30,387,372.
BTC Price Sees Slight Uptick
Following the 1,000 BTC transferred by the two previously inactive whale wallets, Bitcoin’s price, which was initially trading slightly above $60,000, surged by 2.92% in just 24 hours. The cryptocurrency is presently trading at $62,800, displaying bullish signals as its daily price chart depicts mostly green candles.
Conclusion
Bitcoin’s daily trading volume of about $18.1 billion has also witnessed a significant increase of 41.23%, highlighting the sudden rise in interest and demand from investors. It’s presently uncertain if BTC will keep this bullish momentum, considering that the cryptocurrency was previously experiencing substantial declines following the halving event on April 20. Over the past month, CoinMarketCap has reported an 8.45% decrease in Bitcoin and another 4.15% drop in the past seven days. With the market showing new signs of interest in BTC, the cryptocurrency’s price correction may be over, indicating the onset of a potential recovery.
