Bitcoin Whale Address Activates After Decade, Transfers $37.8M Worth of BTC
A Bitcoin whale – that has been dormant for more than 10 years – woke up from slumber to transfer the entire stash of the crypto-asset on June 8th.
According to data from the on-chain analytic platform Lookonchain, 1,432.93 BTC, worth around $37.8 million, were moved to a new address, “bc1psv.”
The whale, who ‘hodled’ for more than a decade, appears to have received 1,432.92 BTC on April 9, 2013, when the price of Bitcoin was trading near $195.4.
The latest movement of age-old dormant BTC holdings follows a series of similar transfers over recent months.
It’s hard to determine if the whales’ convictions have changed in the bear market and whether these movements are related to the selling of Bitcoin or simply personal custodial practice.
In April, a Bitcoin wallet that stayed dormant for over nine years transferred 2,071.5 BTC (worth more than $60 million). The whale address received a total of 6,071.5 BTC at the end of 2013 when Bitcoin’s price hovered near $663.
During the same period, another long-term BTC HODLer whose stash remained untouched for 12 years transferred 400 BTC (equivalent to approximately $11 million) to numerous addresses.
Meanwhile, a recent analysis by Glassnode revealed that large BTC whales continued to aggressively accumulate the flagship crypto-asset despite its price being trapped in a rangebound trajectory.
An interesting dichotomy across the Bitcoin Accumulation Trend Score persists, as the largest of Whales (>10K BTC) continue to aggressively accumulate, whilst all other major cohorts experience heavy distribution.
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