Dormant Whale Addresses Awaken: Bitcoin Transfers Made!

• Approximately six years dormant, three Bitcoin whale addresses transferred a total of 6,500 BTC (230 million dollars) to new addresses last night.
• According to wallet labels provided by BitInfoCharts, these addresses may belong to early miners associated with the F2Pool Bitcoin mining pool.
• In the crypto community, there is speculation that many long-term crypto users who have not used their old wallets for years are moving their funds to new wallets, particularly amidst large wallet draining operations targeting old wallets this year.

Bitcoin whale transfers from long-dormant addresses have drawn attention: What might be the reason behind these transfers?

Bitcoin Whale Transfers Raise Eyebrows

Approximately six years dormant, three Bitcoin whale addresses transferred a total of 6,500 BTC (230 million dollars) to new addresses last night. All three addresses carried out their first significant activities since a shared date, indicating that they may be controlled by the same entity or be somehow linked.

The first address, for the first time since November 5, 2017, moved 2,550 BTC (90 million dollars) and its value increased by 68 million dollars during that time. The second address, for the first time since November 5, 2017, transferred approximately 2,000 BTC (71 million dollars) and its value increased by 52 million dollars during that time. The third address, for the first time since November 5, 2017, moved around 1,950 BTC (69 million dollars) and its value increased by almost 53 million dollars during that time.

The Bitcoin associated with these three addresses appears to date back to July 2011, and these addresses may belong to early miners associated with the F2Pool Bitcoin mining pool, according to wallet labels provided by BitInfoCharts. The total increase in value of the Bitcoins held in these addresses since 2011 is around 225 million dollars.

It is not certain whether these addresses belong to the same entity, but the behavior patterns and transfer dates of the wallets suggest this could be the case.

Unknown Reasons

The reasons for the transfers are also unknown. However, in the crypto community, there is speculation that many long-term crypto users who have not used their old wallets for years are moving their funds to new wallets, particularly amidst large wallet draining operations targeting old wallets this year. Such attacks may be due to seed phrases often stored in cloud-based password managers that were compromised as soon as a vulnerability was found.

The transfers also coincide with a time when Bitcoin’s price increased by approximately 3% yesterday and the largest crypto asset has surged nearly 30% in the past month. According to current data, Bitcoin is currently trading at around $34,840.