Crypto Influencer Sheds Light on Mysterious BTC Whale Movement

Lookonchain points out particular movements from BTC whales that have been dormant for over a decade.
Netizens have mixed reactions – from FUD to wallet hack theories.
Meanwhile, Crypto Influencer and Youtuber, Satoshi Stacker, presents a compelling theory on the subject.

On April 25, On-chain analysts Lookonchain pointed out activity from BTC addresses that have been dormant for over a decade. Accordingly, netizens have mixed reactions to the whale movements. Meanwhile, Crypto Influencer and YouTuber, Satoshi Stacker, presents a possible answer to the anomaly.

Lookonchain noted particular activity from BTC whales that have been dormant for many years. “3 whales with 8,199 BTC (225M) have woken up in just 5 days,” Lookonchain noted in a tweet. Among them were addresses with 1,000 BTC activated after 12 years, 1,128 BTC after 10.5 years, and 6,071 BTC after 9.3 years.

Some $BTC whales that have been dormant for many years have woken up recently.
3 whales with 8,199 $BTC ($225M) have woken up in just 5 days.
And the giant whale with 79,957 $BTC ($2.19B) has been dormant for 12 years, the price when he received $BTC was only $0.93. pic.twitter.com/2MZPDc8UuW
— Lookonchain (@lookonchain) April 25, 2023

Netizens had mixed opinions about Lookonchain’s observations. Some netizens grew alarmed by the news, fearing whales might dump BTC and crash its price. On the other hand, some accuse Lookonchain of spreading FUD. Furthermore, some theorize that these may be the work of hackers getting a hold of old abandoned wallets.

On a Twitter thread, Cryptocurrency Influencer Satoshi Stacker presents a compelling possibility on the subject. Satoshi Stacker linked the whales moving BTC for the first time in over a decade to recent news of a wallet-draining operation that surfaced in April. Users lost over 5,000 ETH in tokens, NFTs, and coins in this operation, which has been running since at least December 2022, affecting over 11 chains.

There’s a wallet drainer who’s attacking OG holders:
✅Targeting: Private keys created in the past
✅Over 5K $ETH has been stolen since December
What’s more: This isn’t a phishing attack. The attacker likely came into many old data, including private keys.
🧵5/6
— Satoshi Stacker (@StackerSatoshi) April 25, 2023

Therefore, according to Satoshi Stacker, whales may be moving some of their BTC holdings into safer wallets to protect themselves from wallet drainers targeting OG holders.

Meanwhile, Lookonchain urges its users to keep an eye on a giant whale that has been dormant for 12 years. The whale holds almost 80,000 BTC or $2.19B. Notably, the address is linked to the infamous Mt. Gox hack.

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Source: https://coinedition.com/crypto-influencer-sheds-light-on-mysterious-btc-whale-movement/