Bitcoin Whale Awakens After 12 Years, Transfers $11M In Long-Dormant Trend
- A dormant Bitcoin whale address transferred almost $11M in Bitcoin after being inactive for 12 years.
- Similar to recent transfers, long-dormant wallets are coming back to life.
- Standard Chartered predicts BTC could reach $100,000 by 2024, signaling an end to the “crypto winter.”
A dormant Bitcoin whale address, inactive for 12 years, transferred nearly $11M in BTC, following a recent trend of long-dormant wallets springing back to life.
A dormant Bitcoin whale address, which had not been active for 12 years, recently transferred almost $11 million in Bitcoin. The address sent 400 bitcoins in batches of 100 to another address, totaling a U.S. dollar value of $10.9 million. According to Whale Alert data, the transfer transaction fee was 19 satoshis, or $5.22.
The wallet had been dormant since 2011, when it added 900 and then 100 bitcoin worth approximately $4,300 and $480, respectively, according to on-chain data via BitInfoCharts. Today’s awoken whale follows a recent trend of long-dormant wallets springing back to life.
Last week, a Bitcoin whale address that had been dormant for over nine years transferred 2,071.5 BTC ($60.7 million) out. During the time, another whale awoke after a decade of inactivity, transferring 279 bitcoins — worth $7.8 million — to three fresh addresses.
Meanwhile, Standard Chartered said on Monday that Bitcoin could reach $100,000 by the end of 2024, saying that the so-called “crypto winter” is over. However, longer-term forecasts are often inaccurate. A Citi analyst said in November 2020 that Bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
This recent trend of long-dormant wallets springing back to life has caught the attention of the cryptocurrency community. Whether it signals a new wave of activity or is merely a blip on the radar remains to be seen. Only time will tell how these wallets will impact the cryptocurrency market.
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