Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Whale Moves $37M BTC After 11 Years of Dormancy

Bitcoin Whale Moves $37M BTC After 11 Years of Dormancy

CoindeskCoindesk2023/07/26 01:41
By:Shaurya Malwa

The movement is the latest in a trend of early buyers and holders moving their tokens to new wallets after several years of inactivity.

Bitcoin whale moves $37 million bitcoin after 11 years.(Todd Cravens/Unsplash)

An early bitcoin (BTC) holder moved some $37 million worth of the cryptocurrency to fresh wallets after eleven years of inactivity, sparking discussions around what the intention of this could be.

The whale, a term for an influential holder of any financial asset, moved all of their 1,037.42 bitcoin to a new address "bc1qtl" in the wee hours of Wednesday. “The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92,” on-chain analytics firm Lookonchain .

Such large movements from early participants are typically uncommon. This movement could mean the holder is preparing to sell tokens, stake on an exchange, or diversify their holdings for other tokens.

The movement is the latest in a line of old wallets moving tokens such as bitcoin (BTC) or ether (ETH) to exchanges this year. In April, at least four wallets worth of bitcoin to exchanges or to other wallets.

Last week, a wallet that received over 61,000 ether (ETH) in the initial coin offering (ICO) eight years ago, transferred the entire amount to a wallet . Those holdings are worth over $116 million at curren t prices and were purchased for 31 cents a token during the ICO.

Edited by Parikshit Mishra.

90

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

Last week, Vitalik Buterin and CZ hosted the DeSci (Decentralized Science) conference at Devcon, where Vitalik unveiled the first DeSci product. CZ also expressed ambitions to see 1000 DeSci products next year, sparking widespread attention to the DeSci concept across the industry. Key speculative projects, RIF and URO, each surpassed a market cap of $100 million. As the sector continues to grow, DeSci remains an area worth close attention.

Bitget2024/11/22 06:24

As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why

As Bitcoin races from record to record, analyst il Capo urged his followers to be careful in a message he published.

Bitcoinsistemi2024/11/21 22:22