Dormant Whale Moves 400 BTC After 8 Years, Booking $30.4M Profit
The crypto market is once again zeroing in on large holder activity following the reappearance of a long-idle investor who moved 400...
Quick overview
- A long-idle Bitcoin wallet moved 400 BTC to OKX after being dormant for 8 years, sparking significant market attention.
- The transaction, valued at $34.9 million, indicates massive long-term gains for the original holder, who acquired the coins when Bitcoin was worth only $4 million.
- This activity coincides with a broader trend of dormant wallets reactivating, suggesting a rotation among large holders in the volatile market.
- Market reactions are mixed, with some whales taking profits while others appear to be accumulating assets, highlighting a divided sentiment among big players.
The crypto market is once again zeroing in on large holder activity following the reappearance of a long-idle investor who moved 400 Bitcoins to the centralised exchange OKX. According to blockchain data, this particular wallet has been completely dormant for a staggering 8 years – meaning a sudden transfer of this size was always going to be a major event in an already pretty volatile market.
Onchain tracking firm Onchain Lens tells us the transaction came in at a whopping $34.9 million – and that’s just the value of the transfer, we’ve also got to add in an estimated $30.4 million profit for the lucky owner. And what’s really interesting here is that the coins were acquired initially when Bitcoin was worth a mere $4 million, so we’re basically talking about massive long-term gains for one of the earliest holders.
This move has got the whole market talking for all sorts of reasons – not just because of the size (although that in itself is pretty striking) but also because of the timing. With Bitcoin currently trading around $87,700, some of the early Birds have clearly decided to reconsider their risk and liquidity positions. Transfers to exchanges are always a bit suspect, as they can sometimes be a prelude to a sale, which, of course, sends the price of the short-term traders into a spin.
Transaction History Suggests Strategic Exit
Looking at the on-chain records, we see the wallet received two large inflows of 200 BTC each from HTX around 8 years ago, with each lot jumping in value to roughly $2 million at the time. Not a peep out of it since then – until now.
The full transfer to an OKX-linked address took place a smidge over 11 hours before anyone even noticed – suggesting it was a deliberate move and not just a test transaction for kicks. While the whale hasn’t actually confirmed they’re going to sell, the fact that they’re even considering it could put some supply pressure on the market if they decide to liquidate.
Market commentators are noting that this development comes amid renewed debate over Bitcoin’s long-term price trajectory. Some folks, like prominent critic Peter Schiff, are still claiming that Bitcoin’s upside is structurally limited – this kind of carping comes up whenever large holders are taking some profits.
Whale Activity Points to Market Rotation
This isn’t an isolated incident, by the way. Several other dormant wallets have been coming back to life in recent weeks, suggesting there’s a bit of a rotation going on among the big players out there:
- A three-year inactive wallet moved 200 BTC worth $18.5 million to Binance.
- Another whale withdrew 171 BTC – and it looks like this one might actually be accumulating assets rather than offloading them
- We’ve also seen big players sell off 36,500 BTC worth a massive $3.37 billion since early December.
Now, this kind of contrasting behaviour suggests the market is pretty divided. Some whales are de-risking (taking some profits) at elevated prices, while others are gearing up for further upside. So, for all you retail investors out there, the message is clear: when big players start moving, it has a big impact on the short-term price of Bitcoin – especially when the market is as volatile as it is right now.
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