A Bitcoin whale that has been dormant for about 7 years has emerged with a staggering transaction of over 2900 BTC. After being out of action for so long, the addresses return with a substantial transfer that has raised further speculations among the crypto community.
PeckShieldAlert, a blockchain security firm, announced that it has spotted a Bitcoin transaction from the reawakened whale. Per the report, the whale moved its entire balance of exactly 2,995.11 BTC tokens to two new addresses.
#PeckShieldAlert A dormant $BTC address 17TZNT…6kRo (which has been inactive for 6 years) has moved ~2,995.11 $BTC (~$82.3m) to 2 new addresses
— PeckShieldAlert (@PeckShieldAlert) October 10, 2023
Further investigations showed that the whale bought these coins back in May 2016 when the price of Bitcoin was just about $459 per token. Bitcoin has come a long way since that time, with the price growing more than 5,700%.
Meanwhile, this is not the first that such activity has been recorded. On October 8, another whale that has been dormant for three years sprung back into action, transferring an impressive 5,000 BTC tokens (worth about $140 million) across several wallet addresses.
Similarly, on September 19, 36crypto previously reported a case of another whale reemerging after 6 years and sending 2,100 BTC (worth $56.3 million) to a new address.
Furthermore, in August, an address connected to the early days of Bitcoin sprung up after missing in action for about 13 years. The said wallet transferred 1,005 BTC (worth $29.7 million at press time) to another address.
The most significant case yet happened in January when an address that was dormant for an extended period resurfaced and transferred a whooping 15,000 Bitcoin tokens ($252 million) to a different address.
Reactions and potential price effect
These occasional returns and the following substantial transfers have raised eyebrows within the crypto community. While many are impressed by the long-term hold and resulting gains these whales acquire, others are left with the thought of why these events reoccur.
As of the time of writing, data from Coinstats shows that the price of Bitcoin (BTC) is approaching the $28,000 level, currently selling at $27,701. This represents a 0.42 decrease in the last 24 hours. Bitcoin has a 24-hour trading volume of $17,143,009,373 ($17 billion) and a live market cap of $540,616,745,946 ($540.6 billion).
The potential effect of these whale activities on the price of Bitcoin is yet to be seen, however, it is something to keep an eye on as it may likely have a positive or negative short-term effect,