The latest on-chain research has highlighted that a Bitcoin whale is back on the move after 3 years. Here are the details…
Bitcoin whale carried $140 million
In a surprising turn of events, a Bitcoin (BTC) address that had been dormant for over three years came back to life on October 8, sending shockwaves through the cryptocurrency community. The address that received Bitcoin in June 2020 suddenly moved approximately 5,000 Bitcoins worth $140 million to two new addresses just three hours ago. This remarkable incident is the latest in a series of dormant Bitcoin addresses emerging from hibernation in recent months, leading to intense speculation about the intentions and identities of these mysterious owners.
#PeckShieldAlert A dormant $BTC address 1LH1dY…ztTz (which has been inactive for 3 years) has transferred ~5K $BTC (~$140M) to 3 addresses
bc1q5rpq5wppf5tua2yd97nscp8gpz8fq0w740g22c
34aed6ryXt6ZCHv6k2WPiyy7ap5VbyHr8D… pic.twitter.com/kLj1SeEQSh
— PeckShieldAlert (@PeckShieldAlert) October 8, 2023
The revival of dormant Bitcoin addresses has become a recurring theme in the cryptocurrency market. Notably, this dormant address was inactive for three years, only to become active and initiate a significant transfer. Experts have put forward various theories to explain such events. In August of this year, the crypto world was stunned when an address dating back to the early days of Bitcoin and possibly linked to its creator, Satoshi Nakamoto, became active again after nearly 13 years of dormancy. The address transferred a staggering 1,005 BTC, worth approximately $29.7 million at the time.
Many addresses are on the move
Similarly, in September, another dormant address holding approximately 2,100 BTC worth $56.3 million became active again after almost six years of inactivity. The first deposit from this address occurred in October 2017, when the price of Bitcoin was significantly lower. In January, an address that had been dormant for 3.5 years moved all 15,000 BTC, equivalent to a staggering $252.5 million at the time. The sudden reactivation of dormant Bitcoin addresses has sparked a number of theories within the crypto community.
Some suggest that the original owners may be taking advantage of Bitcoin’s appreciation. Others think they may be reallocating their assets. Despite these significant transfers, the overall impact on Bitcoin’s price has been relatively muted. As of now, BTC is trading at $27,931.81, with a marginal change of just 0.3 percent. This shows the cryptocurrency’s resilience to significant whale movements. The mystery surrounding these dormant addresses continues to capture the imagination of the crypto world.
