Bitcoin
Ancient Bitcoin Whales Come to Life After Lying Low for a Decade, Move Over $11,000,000 in BTC: On-Chain Data
The latest on-chain data shows that Bitcoin (BTC) wallets are waking up after more than a decade of inactivity.
Whale research platform Whale Alert says on social media platform X that an old cryptocurrency wallet containing 25 BTC worth $1.43 million at the time of writing have been activated after 10.6 years of inactivity.
According to Whale Alert, the BTC stash was worth $20,399 when the entity accumulated it in 2013, representing gains of over 6,900% after a decade of holding.
In another transaction, Whale Alert mountain range an older wallet containing 24 BTC worth $1.44 million being activated after 11.3 years of dormancy.
Meanwhile, another whale abruptly appeared moved 149 BTC worth $8.6 million after a period of 10.6 years.
Together, investors have moved around $11 million into the king of cryptocurrencies, according to data from Whale Alert.
Last month, cryptocurrency strategist Ali Martinez found that wealthy BTC investors unloaded 50,000 BTC worth $3.3 billion at the time in a period of just 10 days.
According to Martinez, Bitcoin miners also began selling their stocks around the same time to cash in, slamming the leading digital asset with selling pressure. The analyst said the sell-off contributed to BTC’s correction at the time.
“Bitcoin miners played a role in the recent BTC price correction, selling over 1,200 BTC worth over $79.20 million!”
The top crypto asset by market cap is trading at $57,933 at the time of writing, up 1.06% over the past 24 hours.
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