Bitcoin is still driving a price recovery aiming to return to the $70,000 price level. With this, the cryptocurrency is currently trading above $69,000, up 1.6% in the past 24 hours. This price movement occurred amid increased accumulation activity by some whales and some short-term holders.
Blockchain analytics platform Lookonchain has uncovered examples of whale activity on social media. An interesting transaction occurred from Whale Wallet, which recently woke up after 10 years of dormancy and transferred 246 BTC worth $16.73 million.
Bitcoin whale wakes up after 10 years of slumber
The Bitcoin blockchain has a huge number of early investors who hold large amounts of BTC that have been dormant for many years. Indeed, over the past six months, the resurgence of dormant Bitcoin addresses has been sporadic, with most of them being controversial and causing increased interest among Bitcoin investors, especially as Bitcoin prices hit new all-time highs. I am.
According to Lookonchain, a new Bitcoin whale address has been added to the roster of wallets that have returned from the dead. The whale address 1CLxmH, which held 1,701 BTC (worth $115 million at the time of writing) during a 10-year dormant period, recently woke up and transferred 246 BTC worth $16.73 million to another wallet. Interestingly, according to on-chain data, Whale's address shows that he received 4,272 BTC at an average price of $29.39 throughout 2013.
1,701 whales $BTC($115.42M) woke up from 10 years of dormancy and transferred 246 $BTC($16.73M) was published 20 minutes ago.
Whales received 4,272 $BTCIn 2013 (then $125,541), the average price was just $29.39.
Address: 1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb
Will there be selling pressure?
Reactivation of old dormant wallets is often caused by whales looking to sell all or part of their holdings. These large selloffs often lead to lower prices and increased selling pressure from short-term investors. However, the motivation behind the reactivation of dormant addresses is unpredictable, and not all of them are indicative of profit taking.
In this case, the transaction data shows that the assets were transferred to two new private wallets. 50 BTC was transferred to address “1PRREb” and 195 BTC was transferred to address “bc1qga”. As of this writing, the address “1CLxmH” still holds his 1,455 BTC worth $100.89 million.
In the spirit of continued accumulation from whales, Lookonchain has outlined new purchases from another whale address. The address, which had accumulated 1,308 BTC worth $89.75 million since March 6th at an average price of $68,617, purchased an additional 113.735 BTC worth $7.85 million from Binance within 12 hours. Bitcoin is trading at $69,348, and the wallet currently holds $90.7 million worth of cryptocurrencies.
Blockchain analytics platform Santiment noted this accumulation pattern by whales, revealing that wallets holding between 100,000 and 100,000 BTC have purchased $21.6 billion worth of cryptocurrencies in the past three months.
Featured images from Pexels, charts from TradingView
