A whale that bought Bitcoin for $ 195.4 on April 9, 2013 became active again after 10 years. Whale transferred all his BTC to a new wallet in the first transaction. Last month, another whale came back to life, which bought more than 3,000 BTC in 2011.
Bitcoin whale, which was inactive for 10 years, moved $ 40 million
A Bitcoin whale, which has been dormant since April 9, 2013, has woken up today, according to analysis by Lookonchain. In the first transaction, he transferred 1,432.93 Bitcoin, equivalent to $40 million, to a new wallet. The massive investor had been dormant for over a decade. It resurfaced in June when SEC lawsuits were on the agenda and made a significant move that caught the attention of the market.
The transaction was first spotted by Lookonchain, a platform that tracks cryptocurrency transactions. The anonymous whale, who has been sleeping since April 9, 2013, has amassed a significant amount of Bitcoin when BTC was around $195.4 per unit. Since then, the value of the whale’s wallet has increased more than 13,400 times, given the current market price of Bitcoin.
Whale’s next move
Bitcoin whales are usually investors who hold substantial amounts of BTC. Their transfers have a tremendous impact on cryptocurrency prices. They can potentially affect and even destabilize the market.
The latest incident isn’t the first time a long-dormant wallet has come back to life in years. Lookonchain reported a recent incident where a different whale transferred their entire investment from an Ethereum ICO to a single wallet. This move showcases the influential power and investment decisions of these crypto whales.
How is the Bitcoin price?
BTC price gained over 5% yesterday following the SEC’s lawsuit against Binance and then Coinbase. At the time of writing, it is trading at $26,452.44, where it moved sideways during the day. CryptoQuant’s recent analysis pointed to an interesting development where the price of BTC was preparing for the latest rally. Eralp Büyükaslan, one of the CryptoQuant analysts, revealed in his latest analysis that this may play a role in the bull rally.
Accordingly, individual investors’ short positions are increasing dramatically. The funding rate turned negative as the price of BTC fell. Historically, the price of BTC moves at an inverse rate to the funding rate.
The derivatives market has given many clues
Looking at Coinglass’s data, it turned out that BTC’s open position is in a bearish trend. A drop in the metric usually means that the market will witness a trend reversal. This is what happened this time as the price of Bitcoin was rising.
In addition to this, BTC’s long/short ratio has also seen a marked increase. A high ratio indicates positive investor expectations. Therefore, it gives hope that the uptrend will continue in the coming days. On the other hand, BTC’s buy/sell ratio was also green. This shows that buying sentiment is dominant in the derivatives market. Again, cryptocoin.comAs you follow, BTC’s price trajectory will likely depend on developments from the SEC and stock market lawsuits.
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