The wallet of a Bitcoin Whale has been activated after nearly ten years. The market is not new to wallets being activated after prolonged periods of dormancy. These wallets, also known as whale wallets, can hold tens of million to hundreds and millions of BTC when they are reactivated by their owners. Bitcoins such as these were purchased for very little, however the market has changed over the years and what was initially thousands of Dollars into millions.
The most recent activation of the bitcoin whale wallet saw millions being moved from a Bitcoin wallet with no activity for the last eight years. The market is now speculating on what the BTC might be used for.
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Bitcoin Whale Wallet Reboots After 8.1 Years
Whale Alert postedThe transaction hash indicated that the whale wallet had been activated after 8.1 years of dormancy. Since 2013, the wallet hasn’t seen any activity. The wallet saw its first activity in almost 10 years when the holder moved 1,232.6469 BTC from the wallet.
💤💤💤💤💤💤💤An empty address that contains 1,299 #BTC (77,620,338 USD) has just been activated after 8.1 years (worth 199,962 USD in 2013)!https://t.co/IO2GwlaSpe
— Whale Alert (@whale_alert) November 20, 2021
With a dollar equivalent of $77.6million, the total BTC in the wallet stood at 1,299 BTC. The funds were quickly moved from the wallet and left about $66 in BTC.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
The Movement is Speculated by the Community
There were speculations that the $77 million worth of bitcoin was being sold by the owner after they moved it out. They were transferred to a private wallet and not to an exchange. This means the owner was not sending the coins off to be sold. It is crucial to consider the potential impact that such a sale might have on the market.
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An investor panic will result if the price of 1,299 BTC goes up on an exchange. A large order could cause the value of digital assets to fall. It is possible that the BTC in the wallet, which was valued at less than $200K in 2013, could be worth more. However, it seems unlikely that the owner would want to cash in on the gains after having held the asset for nearly a decade.
One user compared it to winning the lottery, saying; “If you bought a lottery ticket for under $200,000 and it turns to a $77m jackpot after 8 years, would you sell or not?”
The market has not changed despite the intent of wallet holders. Although bitcoin’s price is now back at $55K, the price was lower than it was on the weekend.
Featured image by Nairametrics. Chart courtesy of TradingView.com