After Bitcoin (BTC) surged past $71,000, significant activity was noted from a long-dormant whale. This whale, holding 749 BTC, worth approximately $53.23 million, moved some of its assets for the first time in 12 years. Specifically, it transferred 159 BTC, valued at about $11.32 million, according to Lookonchain.
Bitcoin Whale Initially Bought 749 BTC for Just $8,151
The whale initially held this large sum in 2012. At that time, one bitcoin cost only $11. This means that the total cost to the whale was about $8,151. Bitcoin has been on a continuous rise over the years and this saw the holder of the currency gain a lot of money.
This transfer has many implications for several reasons. First, it reveals how long-only investors are gradually responding to today’s environment. It also gives rise to questions about market effects. Such large holders have the ability to cause fluctuations in the market every time they transfer their wealth.
In addition, this transaction creates an additional increase in interest in Bitcoin at the right time. On the upside, with the price going higher many investors are waiting for large owners to start selling.
$BTC Movement Suggests Sell Proposal
It also worth to note that this movement of 159 BTC could be a strategic action from the side of the whale. The message could be a proposal to sell stock or reinvest the proceeds in some other enterprise.
Lastly, the activity mentioned in Lookonchain shows that the market of cryptocurrencies is in constant movement. Since Bitcoin is still on an upward trajectory, focus will be paid to the behaviors of key stakeholders. Business people and financial analysts will be keen to note the impact of this switch on the overall market and prices within the next few days.
Source: https://blockchainreporter.net/bitcoin-whale-transfers-159-btc-for-first-time-in-12-years-after-price-hits-71000/