Old Bitcoin Whale Transfers $250 Million Worth of Assets After 8 Years
A dormant Bitcoin whale has resurfaced after eight years, transferring huge assets and leading the community to a frenzy. Over the years, ancient whales mostly become active after a major price uptick to maximize gains. These new fund movements can affect other whales, depending on the dominant market sentiment.
Whale Moves 3000 BTC
Data from blockchain analytics firm Arkham Intelligence shows the dormant whale transferred 3,000 BTC worth approximately $250 million. The whale’s stash grew from $3M in 2017 to the present levels. This transfer led to heated debates on the asset’s direction in the coming weeks.
“$250M BITCOIN WHALE WAKES UP AFTER 8 YEARS. A Bitcoin Whale that has held BTC since late 2016 has just moved over $250M in BTC last night. His Bitcoin stack went from $3M in early 2017 to over $250M today – and he’s held Bitcoin on one address for over 8 years,” Arkham wrote on X.
The move coincided with a 4.7% weekly uptick in Bitcoin’s price. For most holders, the whale might seek to sell assets following the recent price recovery. This month, Bitcoin and the wider crypto market have faced significant headwinds, plunging over 20%. This also sparked a similar reaction from other whales looking to secure previous gains.
This year, the market has recorded an outflow of large holders, leading to a price drop from its all-time high above $108k to present levels. Traditionally, whale movements swing the market due to the size of their holdings. Present market forces also led to huge sales from Bitcoin miners plunging reserves. On the flipside, previous dormant whales have added to their holdings or repositioned assets.
What’s Next For BTC Price?
Recent activities around the leading crypto have triggered a 4% jump in the last seven days. After weeks of negative trading, bulls set their sights on a renewed surge past the $90k mark. According to Arkham, BlackRock accumulated over $100 million worth of Bitcoin without making a sale last week. Most institutional investors have also followed this trend.
Furthermore, Michael Saylor’s Strategy bought 6,911 coins last week, surpassing 500,000 BTC in holdings. Most traders remain positive on the upward asset trajectory, citing recent developments from whales. The U.S. regulatory space marking a handful of pro-industry wins heightened bullish confidence in the market.
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Old Bitcoin Whale Transfers $250 Million Worth of Assets After 8 Years
A dormant Bitcoin whale has resurfaced after eight years, transferring huge assets and leading the community to a frenzy. Over the years, ancient whales mostly become active after a major price uptick to maximize gains. These new fund movements can affect other whales, depending on the dominant market sentiment.
Whale Moves 3000 BTC
Data from blockchain analytics firm Arkham Intelligence shows the dormant whale transferred 3,000 BTC worth approximately $250 million. The whale’s stash grew from $3M in 2017 to the present levels. This transfer led to heated debates on the asset’s direction in the coming weeks.
“$250M BITCOIN WHALE WAKES UP AFTER 8 YEARS. A Bitcoin Whale that has held BTC since late 2016 has just moved over $250M in BTC last night. His Bitcoin stack went from $3M in early 2017 to over $250M today – and he’s held Bitcoin on one address for over 8 years,” Arkham wrote on X.
The move coincided with a 4.7% weekly uptick in Bitcoin’s price. For most holders, the whale might seek to sell assets following the recent price recovery. This month, Bitcoin and the wider crypto market have faced significant headwinds, plunging over 20%. This also sparked a similar reaction from other whales looking to secure previous gains.
This year, the market has recorded an outflow of large holders, leading to a price drop from its all-time high above $108k to present levels. Traditionally, whale movements swing the market due to the size of their holdings. Present market forces also led to huge sales from Bitcoin miners plunging reserves. On the flipside, previous dormant whales have added to their holdings or repositioned assets.
What’s Next For BTC Price?
Recent activities around the leading crypto have triggered a 4% jump in the last seven days. After weeks of negative trading, bulls set their sights on a renewed surge past the $90k mark. According to Arkham, BlackRock accumulated over $100 million worth of Bitcoin without making a sale last week. Most institutional investors have also followed this trend.
Furthermore, Michael Saylor’s Strategy bought 6,911 coins last week, surpassing 500,000 BTC in holdings. Most traders remain positive on the upward asset trajectory, citing recent developments from whales. The U.S. regulatory space marking a handful of pro-industry wins heightened bullish confidence in the market.
Read More
Tether Increases Stake in Bitcoin Miner Bitdeer