- Several long-dormant Bitcoin wallets have become active again, with significant profits, including one wallet moving 149 BTC worth $8.59 million.
- Traders believe Bitcoin whales can influence the market, and the activation of long-inactive addresses often creates a bearish outlook.
This year is witnessing a lot of Satoshi-era Bitcoin wallets becoming active again after.
On Tuesday, a long-dormant wallet moved its entire 149 BTC, worth $8.59 million, to a new wallet. According to reports, the bitcoins were first acquired in November 2013 when it was worth $81,667, meaning the owner may have made a profit of over 10,000%.
💤 A dormant address containing 149 #BTC (8,590,673 USD) has just been activated after 10.6 years (worth 81,667 USD in 2013)!https://t.co/oL0l1mbVlr
— Whale Alert (@whale_alert) July 9, 2024
Another wallet, that holds 24.9 BTC worth $1.44 million, has become active after more than 11 years. In fact, it recently moved a small amount of coins out of the wallet.
Furthermore, on Monday, another Bitcoin address holding 48 BTC, worth $2.57 million, became active after 13 years, according to Whale Alert. This address received the coins when Bitcoin was priced at just $13.7 per BTC, resulting in an incredible 400,179% gain.
It's not news that many crypto maximalists and traders believe that Bitcoin whales can influence the market with their trading strategies.
For instance, when long-inactive addresses become active again, it often creates a bearish outlook among traders. This usually indicates that the holders might be getting ready to sell their assets, which could flood the market with a lot of Bitcoin and increase selling pressure.
On-chain analyst Ali Martinez posted a chart on X (formerly Twitter) of whales selling more than 3 billion worth of Bitcoin last month posted a chart on X. However, another on-chain analyst who goes by the name “_Checkmate” on X commented, “Don’t whale watch kids, it’s not useful information.”
He even went on to say that he has never seen any real value come from tracking large investors. It might be popular on social media, but it rarely offers serious or useful insights.
Edited by Harshajit Sarmah
