An old Bitcoin whale that has been inactive in the crypto market since 2019 has made a significant transfer worth $136,940,000 and equivalent to 3,623 BTC. This development signals potential changes in the cryptocurrency market.
This financial giant had quietly accumulated its crypto assets at an average cost of $6,889 per Bitcoin from October 2018 to the end of December 2019. The total investment made during that period was approximately $24,960,000. With current market prices, the whale has made a profit of around $112 million.
With Bitcoin reaching its highest level since May 2022, at $38,500, this major move has sparked speculation within the cryptocurrency community. Some analysts have suggested a possible connection between the awakening of dormant Bitcoin holders and potential sell-offs.
Earlier this year, the unexpected awakening of crypto whales led to an 18% correction in BTC price. A similar pattern was observed when Bitcoin dropped to $24,777. It is still too early to predict whether this latest awakening will initiate a trend.
The revival of a dormant Bitcoin whale is a rare occurrence in the cryptocurrency market. While the full effects of the whale’s actions are not yet fully understood, the crypto community expects this awakening to add an interesting twist to the ongoing narrative about the dynamics of the Bitcoin market.