A Bitcoin whale that had remained dormant for nearly a decade has recently resurfaced, making a significant move by transferring funds that had been untouched since 2012. According to blockchain tracker Lookonchain, three connected addresses recently shifted 137 BTC, valued at approximately $15.6 million, out of a total cache of 955 BTC, equivalent to $108 million. A portion of the funds, 5 BTC, was sent to the exchange Kraken, indicating a potential intent to sell.
These addresses were last active when Bitcoin was trading at just $12 per coin, meaning their combined balance was valued at around $10,000 at that time. However, with the current price of BTC hovering around $113,000, the same stash is now worth over $108 million, representing a staggering gain of over 10,000% in just over a decade.
This movement aligns with a recent trend of long-dormant Bitcoin wallets reawakening after years of inactivity. Notable instances include Galaxy Digital’s $9 billion Bitcoin sale in July, linked to a Satoshi-era holder, as well as a whale investor shifting billions from Bitcoin to Ethereum in August, causing a temporary market downturn for the leading cryptocurrency.
CryptoQuant analyst JA Maartunn highlighted that these transfers are part of a broader trend, with more than 604,000 BTC aged three to five years moving on-chain since March. This surge in wallet activity is seen as a significant behavioral shift among long-term Bitcoin holders, who typically hold onto their coins through multiple market cycles.
Many analysts interpret the recent transfers as profit-taking, as holders seize the opportunity to lock in gains amidst Bitcoin’s rally past the $110,000 mark to new all-time highs. However, some suggest that the activity could also signify portfolio rebalancing, with capital being rotated from Bitcoin into Ethereum and other select altcoins in response to growing institutional demand for cryptocurrencies.
Overall, the resurgence of dormant Bitcoin whales and their subsequent movements serve as a reminder of the evolving dynamics within the crypto market and the strategic decisions made by long-term holders in response to changing market conditions.