A whale that bought Bitcoin in 2011 became active again this week. With the last ancient whale, more than 3,000 BTC has been brought back to life so far this year. Could it be a big sale?
Whales that have been dormant for ten years become active again
In 2011, a wallet that sells Bitcoins came to life on Thursday when 139 Bitcoins belonging to the address 1H1Ab6 were moved to a newly created Segwit address. The whale, which has been dormant for nearly 12 years, purchased its BTCs in June 2011 when the price was just over $2,250. At the current price of Bitcoin, his wallet is worth about $3.5 million.
According to Glassnode’s report, 3,200 BTC has moved again this year, of which 1,100 was before 2013. Thus, a significant amount of activity was observed in old Bitcoins in 2023. It is the community’s biggest concern that these whales are now realizing their profits.
Whales may choose to sell
For example, an old wallet that bought it in October 2010 when BTC was trading at $0.19 sold 429 Bitcoins in March last year. Another wallet carried 412 Bitcoins worth $9.6 million more than a decade later, in February 2023, a year later
It’s hard to say whether the beliefs of these investors have changed. It is also unclear whether these movements are related to the sale of cryptocurrencies or simply the practice of personal surveillance. Given Bitcoin’s anonymity, we will never know who these whales belong to.
However, Glassnode offers some information on whether it will sell whales. According to the on-chain analytics provider, idle coins are increasingly likely to be sold after 155 days. However, when these are sold, it will signal a significant change in investor sentiment. Glassnode’s recent report showed that the number of long-term Bitcoins has increased by 100,000 BTC per month.
Despite yesterday’s move and erratic satoshi-era spending, many think the majority of Bitcoin’s legacy supply – 4.25 million of which has only been spent 356,000 so far – will be lost forever.
Competition heats up between long- and short-term Bitcoin investors
Last month, Bitcoin’s price fell after hitting $30,000. Indeed, many short-term traders took advantage of this price correction. Traders started accumulating BTC after prices fell. However, according to data from Glassnode, most short-term traders take profits after BTC crosses $25,200.
This data shows that many short-term investors are already profitable. This increase in profits may encourage these investors to sell and lower the price of Bitcoin.
Other nonprofit investors are also exhibiting interesting behavior. According to SOPR (Output Profit Ratio Spent), many addresses were selling their BTC at a loss as SOPR fell below 1.
When the SOPR drops below 1, it indicates that more coins were sold at a loss than a profit. This is a potential bottom signal in the market as most sellers who bought near the top are now out of their positions.
However, the same selling pressure faced by short-term investors was not seen by addresses holding their BTC longer. According to Santiment’s data, the MVRV rate had dropped significantly over the past few weeks. This indicates that BTC is no longer in an overbought position and long-term holders have little incentive to sell their holdings.
cryptocoin.com As we reported, Bitcoin whales carried over 10,000 BTC this week. The transactions took place amid moderate pressure on cryptocurrency regulations.
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