Kelvin Daminabo
A significant event has occurred in the Bitcoin market, as a dormant whale that had been inactive for over 10 years has moved 687 BTC worth $43 million. According to Lookonchain data, this whale received 687.33 Bitcoins on January 12, 2014, valued at around $630,000 at the time, when the price of BTC was $917. Fast forward a decade, and the value of Bitcoin has increased almost 70 times, with the whale selling its assets for over $42.7 million at the current price.
This move comes amid a larger trend of large investors accumulating Bitcoin. In April, whales purchased 19,760 BTC for a total of $1.2 billion at an average purchase price of $62,500. Notably, these funds accumulation at specific addresses often precede an increase in the price of the first cryptocurrency. Moreover, Bitcoin whales purchased assets just two days before the halving, suggesting a strategic move.
Santiment, a leading analytics firm, has also reported that Bitcoin whales have accumulated an additional 266,000 BTC since the start of 2024, worth a staggering $17.3 billion. Asset owners with balances between 1,000 BTC and 10,000 BTC received 1.24% of the total supply of 21 million BTC during this period.
This significant accumulation of Bitcoin by whales suggests a growing confidence in the cryptocurrency’s potential for long-term growth. As the market continues to evolve, it will be interesting to see how these large investors continue to shape the landscape of the Bitcoin ecosystem.
The awakening of this dormant whale and the accumulation of Bitcoin by large investors are significant indicators of the growing interest in cryptocurrency. As the market continues to mature, it is likely that we will see more strategic moves by large investors, shaping the future of Bitcoin and the broader cryptocurrency market.