• A Bitcoin whale worth $178 million has become active after almost 10 years of dormancy.
• The wallet held a total of 6,071.5 BTC at the time of its last transaction in December 2013.
• On April 20, 2023, the wallet transferred 2,071.5 BTC worth $60.7 million to an unknown wallet.
Dormant Bitcoin Whale Wakes Up
A dormant Bitcoin address has awoken and is ready to enter the market with a massive stash of BTC worth $178 million. The wallet has been inactive for almost a decade but was acquired at very cheap prices back in 2013 when one BTC was retailing for around $663 per coin.
Transaction Made After 9 Years
On April 20th, 2023 this whale made its first transaction in almost a decade by transferring 2,071.5 BTC worth $60.7 million to an unknown wallet that does not belong to an exchange which could signify that it is not looking to sell anytime soon.
Reasons For Long Dormancy
It is likely that the owner of this long-dormant wallet may have lost their private keys or passed away during this period as there are multiple reasons why wallets would become dormant over such a long period of time.
Implication For Crypto Markets
Although whales entering or leaving the markets can have negative implications on crypto prices, it seems like this whale may not be looking to sell anytime soon due to the fact that it was transferred to another unknown wallet and not an exchange which could indicate stability in the markets going forward .
Overall, it is interesting how one individual’s movement can potentially affect entire crypto markets as we saw with this particular case and other cases where whales have entered or exited the market before them.