The Bitcoin community was buzzing with excitement as news broke of another “sleeping” Bitcoin whale waking up. A holder who hadn’t touched their cryptocurrency for a decade had suddenly moved over 279 BTC, worth a staggering $7.8 million, to three new wallets, according to on-chain sleuth, Lookonchain.
Bitcoin’s Sleeping Whale Awakens
The blockchain tracker revealed in a tweet that the whale had originally received 1,128 BTC back in October 2012 and May 2013, when Bitcoin prices were a mere $12 and $195, respectively. In total, the whale now holds a jaw-dropping $31.6 million in BTC, making waves in the crypto community.
This recent event is part of a growing trend of ancient, untouched Bitcoin stashes being put into motion. Whales, who are known for hoarding large amounts of cryptocurrency, sometimes reemerge after a long period of inactivity to move their investments to other addresses. In fact, just a few months ago, in February, another old Bitcoin address that had remained dormant for 11 years suddenly came back to life and moved $9.6 million worth of the cryptocurrency, which had appreciated by a mind-boggling 120,000,000% over the years.
Cryptocurrency Market Snapshot: Bitcoin’s Rollercoaster Ride
Bitcoin whales are often considered the most successful cryptocurrency investors, according to research from the Bank for International Settlements. They tend to hold onto their assets for years, benefiting from the long-term price appreciation. While short-term traders typically struggle to make gains. Data from blockchain firm Arkham Intelligence revealed that over 53% of all Bitcoins ever minted hadn’t moved in more than two years. It indicates a growing trend of investors focusing on long-term gains.
The recent movement of the sleeping Bitcoin whale has also drawn attention to the current state of the cryptocurrency market. At the time of writing, Bitcoin is trading for around $27,900. Which is still significantly below its all-time high of $69,045 reached in November 2021. It represents a drop of nearly 60%. It has also experienced an 8% decline in the past week, reflecting the volatility of the crypto market.
Despite the recent fluctuations, Bitcoin has still had an impressive performance this year. It started at under $17,000 in January and reached a high of $30,000 just last week. This has led to renewed interest in long-term investment strategies among Bitcoin holders. As they look to capitalize on the potential for future price appreciation.