- A bitcoin whale has awakened after a decade of inactivity.
- The whale made a massive transfer on Monday.
- This follows other massive transfers of dormant BTC in recent months.
A Bitcoin whale that has been dormant for over a decade surprised observers on Monday after moving its entire stack of BTC, worth tens of millions of dollars.
The move came amid a steady BTC rally during the weekend, which saw the largest crypto asset by market cap pull a surprise $64K comeback following a 17% plunge in April to a two-month low of $57,608. As of press time, BTC had surged 2.33% in the last 24 hours to trade at $65,205, CoinMarketCap data shows.
Bitcoin Whale Awakens from 10-Year Slumber
According to Lookonchain, a wallet that has been inactive for over 10 years transferred 687.33 BTC on May 6, worth around $43.94 million at the time of the transaction.
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The X alert by Lookonchain noted that the wallet in question originally received the Bitcoin on January 12, 2014, at a time when 1 BTC was exchanging hands at $917. While the identity of the wallet’s ownership and the reason for the transfer remain unknown, it isn’t the first time dormant Bitcoins have been on the move in recent months.
On March 25, blockchain analytics firm Arkham reported that the 5th richest Bitcoin address had moved almost its entire balance of 94.5K BTC ($6.05 billion), which had not been moved since the wallet received it in 2019.
In January, Arkham noted that several linked addresses moved $2 billion of dormant BTC days after spot Bitcoin ETFs started trading in the U.S. The Bitcoin stack had been moved only twice before the January transfer, in 2013 and 2019.
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Read about the record daily net outflows seen by Bitcoin ETFs recently:
Bitcoin ETFs See Record Daily Net Outflows Amid BTC Slump
Stay updated on the disappointing Bitcoin ETFs debut in Hong Kong:
Analysts Evaluate Hong Kong Bitcoin ETFs’ Disappointing Debut
