Unknown Bitcoin Whale Awakes After 11 Years Of Inactivity

Whale Alert data revealed a dormant Bitcoin address holding 357 BTC— worth close to $34 million —been activated after 11 years of inactivity.

Dormant addresses, particularly those with sizable Bitcoin holdings, frequently garner attention because they might be associated with early adopters of the cryptocurrency.

The holder may think the market is now favorable for selling or making additional investments given the sharp increase in  Bitcoin price this year. It’s possible that the holder is transferring money for security reasons or just found the wallet’s keys again. Nevertheless, the precise cause of the awakening is still a mystery.

Bitcoin whales typically use exchanges to move their cryptocurrency when they plan to keep it for a long time. Storing a lot on an exchange is riskier because cryptocurrency hackers target wallets the most.

As of this writing, Bitcoin was trading at $93.7K as its momentum slowed following a record high of $108,316 on December 17. The largest cryptocurrency is teetering on a December decline,  its first monthly decline since September. Expectations for cryptocurrency prices in the last few days of December are still high, despite this.

Santiment claims that if whales maintain their robust accumulation trend despite the low trading volume, the absence of retail participation could result in at least one last significant, unanticipated 2024 pump while retail pays little attention.

 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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