A mysterious Bitcoin whale that has been dormant since 2013 has suddenly come back to life, making waves in the crypto world. According to data from Lookonchain, this “Bitcoin OG” has recently moved a significant amount of BTC, with some of it being sent to the popular crypto exchange Kraken.
This OG, who has been inactive for 12 years, transferred a total of 343 BTC (equivalent to $40.52 million) out of its wallet. Interestingly, 130.77 BTC ($15.45 million) of that amount was deposited to Kraken, presumably for selling on the open market. What’s more intriguing is that this OG originally received 343 BTC when the price of Bitcoin was a mere $86, resulting in a massive return of 1,368 times the initial investment.
In a similar vein, Lookonchain also observed another dormant whale moving Bitcoin worth approximately $469.8 million. This particular whale had been inactive since January 15, 2011, during which time the price of Bitcoin soared from $0.393 to $118,561, marking a staggering gain of over 30 million percent. The whale had accumulated the Bitcoin over two days in January of 2011 and even conducted a test transaction for $218 before making the massive move.
It seems that these ancient Bitcoin addresses are now taking advantage of the current all-time highs in the market to potentially cash out their profits. Despite this caution from whales, there is still a strong appetite for Bitcoin among institutional investors. Data from SoSoValue shows that Bitcoin-based exchange-traded funds (ETFs) have been experiencing consistent inflows, with only a few days of very mild outflows in July.
Since the launch of Bitcoin ETFs in January 2024, there have been only four months where monthly flows were negative. This indicates a growing interest in Bitcoin as a mainstream investment vehicle, despite the occasional profit-taking by long-dormant whales.
As the crypto market continues to evolve, it will be interesting to see how these ancient whales and institutional investors navigate the increasingly volatile landscape. Stay tuned for more updates on the latest developments in the world of cryptocurrencies.