The post Ancient Bitcoin Whale Awakens and Moves Thousands of BTC appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In a surprising turn of events, a long-dormant Bitcoin whale, inactive for approximately four years, has reemerged from the shadows, making a substantial move in the cryptocurrency market.  Lookonchain, a prominent crypto analytics platform, has reported that the whale has executed a transfer of 3,623 BTC, valued at an impressive $136.94 million, to two newly created wallets. This financial giant had stealthily accumulated its crypto assets at an average cost of $6,889 per BTC in the period from Oct. 25, 2018, to Dec. 31, 2019. At that time, the total investment was a mere $24.96 million. Fast forward to today’s market prices, and the whale is now sitting on a staggering profit of approximately $112 million. The timing of this monumental move coincided with Bitcoin achieving its highest value since May 2022, soaring to an impressive $38,500 per BTC. The crypto community is abuzz with speculation, with some analysts pointing to a potential correlation between such awakenings of dormant Bitcoin holders and impending sell-offs. Notably, a similar pattern emerged earlier this year, where a series of unexpected awakenings resulted in an 18% correction in the BTC price, plummeting to a temporary low of $24,777. While it is too early to determine if this recent awakening will spark a trend, market observers are keenly monitoring this development. This resurgence marks the…

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Filed under: News - @ November 30, 2023 9:14 am