Bitcoin still is drive a price recovery on track to return to the $70,000 price level. This is what the cryptocurrency has now seen Trading above $69,000, up 1.6% in the last 24 hours. This price fluctuation has increased in the middle accumulation activity of some whales and some short-term holders.
Blockchain analytics platform Lookonchain has uncovered a case of whale activity on social media. An interesting transaction came from a whale wallet that recently woke up after 10 years of dormancy and transferred 246 BTC worth $16.73 million.
Bitcoin Whale awakens from 10-year slumber
The Bitcoin blockchain hosts a large number of Early investors with large amounts of BTC that have remained inactive for many years. In fact, the last six months have seen only sporadic revivals of dormant Bitcoin addresses, particularly as the price of Bitcoin reached new all-time highs, most of which caused a stir and increased interest among Bitcoin investors.
According to Lookonchain, a new Bitcoin whale address has been added to the list of wallets that have come back from the dead. The whale address “1CLxmH,” which held 1,701 BTC (worth $115 million at the time of writing) during its 10-year dormancy, recently woke up and moved 246 BTC worth $16.73 million into one transfer to another wallet. Interestingly, on-chain data shows that the whale address received 4,272 BTC in 2013 at an average price of $29.39.
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A whale with 1,701 BTC ($115.42 million) woke up after 10 years of dormancy and transferred 246 BTC ($16.73 million) 20 minutes ago.
The whale received 4,272 $BTC (then $125,541) in 2013 at an average price of just $29.39.
Address:
1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb
– Lookonchain (@lookonchain) April 6, 2024
Incoming selling pressure?
Reactivations of old dormant wallets are often driven by whales looking to sell all or part of their holdings. Massive sell-offs like this often cause prices to drop and increase selling pressure from short-term investors. However, the motive behind the reactivation of dormant addresses is unpredictable and not all indicate profit-taking.
Bitcoin's market capitalization is currently $1.3 trillion. Chart: TradingView.com
In this case, the transaction data shows that the assets were transferred to two new private wallets. 50 BTC was transferred to the address “1PRREb”, while 195 BTC was transferred to the address “bc1qga”. At the time of writing, the address “1CLxmH” still holds 1,455 BTC worth $100.89 million.
In the lingering spirit of a gathering of whales, Lookonchain outlined a new purchase from another Whale address. This address, which has accumulated 1,308 BTC worth $89.75 million since March 6 at an average price of $68,617, added another 113,735 BTC worth $7.85 million less than 12 hours ago Dollar bought from Binance. With Bitcoin trading at $69,348, this wallet now contains $90.7 million worth of the cryptocurrency.
Blockchain analytics platform Santiment noticed this accumulation pattern It was revealed by whales that wallets holding between 100 and 100,000 BTC purchased $21.6 billion worth of cryptocurrencies in the last three months.
Featured image from Pexels, chart from TradingView
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