Decade-Dormant Bitcoin Whale Emerges with $115 Million: Potential Market Impact – TradingView News

Bitcoin continues its upward march, endeavoring to reclaim the $70,000 price point. The digital currency has surpassed the $69,000 mark, reflecting a 1.6% increment over the previous 24 hours. This price dynamic unfolds amid rising accumulation efforts from notable investors and certain short-term holders.

Blockchain intelligence firm Lookonchain took to social media to spotlight significant investor movements. Particularly noteworthy was a transaction involving a Bitcoin wallet that resurfaced after a decade of inactivity, transferring 246 BTC valued at $16.73 million.

Decade-Long Dormant Bitcoin Wallet Springs to Life

The Bitcoin ledger is peppered with accounts belonging to early backers who hold substantial BTC stashes untouched for lengthy periods. Over the past half-year, instances of such stagnant Bitcoin wallets waking up have become more frequent. This tends to coincide with Bitcoin reaching unprecedented price heights, often captivating the attention of the investor community.

Lookonchain announces the re-emergence of a dormant Bitcoin wallet, now thrust into the limelight. The wallet, carrying the identifier “1CLxmH,” held 1,701 BTC (approximately $115 million currently) over its 10 years of inactivity. It has just initiated a transfer of 246 BTC, now worth $16.73 million, to a different address. The on-chain records also indicate that the wallet acquired a total of 4,272 BTC back in 2013 at the relatively modest price of $29.39 each.

Potential for Increased Sell-Off?

When long-inactive wallets come back online, it often signals the owners may be positioning to divest some or all of their assets, potentially leading to a downward movement in market prices as short-term traders ramp up sell orders. Predicting the intentions behind these wallet reactivations is challenging, and they do not necessarily equate to immediate profit-taking.

In this specific instance, the transfer data indicates the moved assets went to two new, privately-held wallets. One received 50 BTC while the other received 195 BTC. As of now, the “1CLxmH” address retains ownership of 1,455 BTC with an estimated worth of $100.89 million.

Lookonchain also noted another significant acquisition by a different investor. This specific wallet, after accruing 1,308 BTC valued at about $89.75 million with an average price of $68,617 since March 6, recently acquired an additional 113.735 BTC for $7.85 million from Binance. With Bitcoin’s price at $69,348, this wallet’s Bitcoin holdings are now worth an estimated $90.7 million.

According to Santiment, a blockchain analytics platform, wallets that contain 100 to 100,000 BTC have collectively obtained $21.6 billion worth of the cryptocurrency in the trailing three-month period.

Featured image courtesy of Pexels, chart sourced from TradingView.