Dormant Bitcoin whale emerges transforms 30M into 535M in 5 years
A Bitcoin whale that had been inactive for 5.5 years came back to life on June 11, transferring 8,000 BTC to a Binance address. If this Bitcoin investor were to sell these coins at current prices, they would make over $500 million in profits.
The Bitcoin wallet address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’ obtained the 8,000 BTC at an average cost of $3,810, according to Lookonchain. This means that the initial investment of $30 million took place on December 6, 2018.
The dormant Bitcoin whale, after a long slumber, decided to move its entire balance to Binance. Typically, sending cryptocurrencies to an exchange indicates an intention to sell, or in this case, to cash in on a 5-year profit.
At the time of Lookonchain’s report, the 8,000 BTC stash was valued at $535 million. The acquisition history of this dormant Bitcoin whale, analyzed by Finbold, showed that the whale first received 6,800 BTC on November 28, 2018, at $3,754 per coin. Subsequently, the whale added 1,000 BTC on December 5 at $3,487 and 200 BTC on March 13, 2019.
The decision to move all the coins now may suggest a bearish sentiment from this particular whale, potentially impacting the overall market perception. Analysts have observed high volatility signals ahead of the FOMC meeting and interest rate decision, with Bitcoin’s low network activity indicating a lack of interest in BTC beyond speculative demand through derivatives like futures and ETFs.
Over the weekend, the network experienced all-time high fees of $195 per transaction due to UTXO consolidation operations from OKX, raising concerns about network accessibility amidst macroeconomic challenges for risk assets such as cryptocurrencies, stocks, and financial markets.
As of press time, Bitcoin is trading at $66,300, close to its all-time high of $73,805 and 20 times higher than when the dormant whale acquired its 8,000 BTC.
