Bitcoin Whale Awakens After 12 Years, Transfers $11M In Long-Dormant Trend

Key Points:

• 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News