Another bitcoin whale has awakened from years of sleep. We tell what he did and what it could mean for the BTC market
The transparency of the BTC blockchain allows market participants to collect a lot of useful observations and get new food for thought. This time, on-chain statistics told us that a certain bitcoin whale made a transaction in the amount of 500 BTC. Previously, these coins did not move and remained in one wallet for 5-7 years.
Awakening the bitcoin whale
It is generally accepted that the manifestation of activity in the segment of long-sleeping coins is not a good sign. This may mean that their owner just wants to move their bitcoins to other addresses. However, it is most likely that the coins are set in motion when their owner decides to sell them. Direct confirmation of this is the address of movement of such BTC. If they are sent directly to the cryptocurrency exchange, then we are hardly dealing with a simple castling of funds between different wallets.
In this particular case, it remains unclear exactly what the Bitcoin whale intends to do with its coins. One thing is certain: he had not previously touched these coins for a very long time.
The transfer of funds was first reported by crypto market analyst JA_Maartun. According to him, bitcoins were bought between October 2015 and October 2017.
500 BTC is not that much
At the current exchange rate, the dollar value of a transaction of 500 BTC is just under $10 million. By and large, this is not that much money for the cryptocurrency market. Recent history knows more illustrative examples.
For example, at the end of August, another popular cryptanalyst Willy Wu (@WuBlockchain) reported that another bitcoin address came to life, which had not been in motion for almost 9 years. Then the transaction size was 5,001.51 BTC or more than $96 million. The owner of the coins completely emptied his wallet, transferring all bitcoins from it to a new address.
Then it turned out to be just a portfolio reorganization. The money did not make it to any of the leading trading platforms.