Bitcoin Whale Awakens After 8 Months, Sends 2,000 BTC Into New Wallet

A Bitcoin whale dormant for eight months has moved 2,000 BTC into a new wallet, stirring up speculation in the cryptocurrency market. Notably, a wallet is considered dormant if it hasn’t been active for six months or more.

According to a Friday tweet by crypto analytics firm LookOnchain, on Thursday, the whale transferred 2,000 BTC, worth approximately $132.41 million, to a new wallet and then deposited 1,100 BTC, worth around $74.34 million, into Binance. According to data by Arkham Intelligence, the whale currently holds BTC worth roughly $536 million.

Notably, this development follows another dormant whale that woke up on March 30, transferring all 500 BTC, worth $34.78 million, to multiple new wallets. According to Lookonchain, his wallet had received 500 BTC, worth $3,786 at the time, on July 14, 2012, when the price of BTC was only $7.57.

Elsewhere, on March 27, another mysterious entity transferred a whopping 2,000 BTC from a series of Coinbase rewards dating back to 2010.

These whale movements come even as the Bitcoin halving fast approaches, about two weeks away. It is important to note that the awakening of these whales could be due to various reasons, including the entities having reclaimed lost passwords, planning on strategically accumulating other assets amidst the current market downturn or perhaps liquidating their holdings to capitalize on profits.

Meanwhile, amid these developments, whales have also accumulated Bitcoin, especially after the March 19 price dip. On Thursday, crypto researcher and investor “HODL15Capital” highlighted a whale, operating under the pseudonym “Mr. 100”, who bought 2,200 Bitcoin in April, which translates to about 567 BTC per day. On the same day, the researcher highlighted the third-largest Bitcoin holder, who is speculated to be Robinhood, after the firm bought 700 Bitcoin.

Elsewhere, prominent crypto analyst Ali Martinez highlighted the significant influx of buying activity amidst the ongoing price dip. In a Thursday tweet, he noted that a staggering 21,400 BTC, valued at approximately $1.40 billion, has been observed moving into accumulation addresses, signalling a strong appetite for Bitcoin acquisition despite market fluctuations.

That said, Bitcoin continued to trade subdued on Friday despite bulls’ attempts to push back up atop minor resistance at around $69,000 in the past two days. According to Martinez, with Bitcoin having broken below “solid support” at around $68,300, we could see a downswing to the next support range at $65,250 to $63,150, where 760,000 wallets hold 520,000 BTC. On the brighter side, he noted that securing $70,320 as support is vital for BTC’s next leg up.

BTC was trading at $67,690 at press time, reflecting a 0.18% gain over the past 24 hours.