Will Bitcoin Price Rise After Many Dormant Bitcoin Whales Awaken

Crypto News: Even as Bitcoin price dropped for three consecutive days last week, dormant whales re-activated their addresses containing massive amounts of cryptocurrency. Generally, this trend is associated with a corresponding price surge for the asset. However, this could also be seen as the big whales trying to cash out at current price anticipating a bear run in days to come. Nevertheless, BTC price is still at the highest level in the last 12 months and hence the bear run case may also be justified.

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Meanwhile, the Spent Output Profit Ratio (SOPR) for long term Bitcoin holders shows high confidence in a price rise. On chain data suggests that BTC investors who have been holding since 5 months are currently in realized losses but what follows is a recovery period. Overall, this is a good sign for long term, despite potential for volatility in the short term.

Dormant Bitcoin Whales Awaken

Over the last one week, at least three big whale addresses made huge transfers, effectively activating the addresses after 10 years, in separate transactions. Such an address registered a transfer of 6,071 BTC after a long gap of 9.3 years. Similarly, two other whale addresses transferred over 1,000 BTC separately, despite Bitcoin price maintaining sideways movement after consistent drop. In a latest, Whale Alert reported that:

“A dormant address containing 1,000 BTC ($27,456,958) has just been activated after 12.0 years!”

Interestingly, several Ethereum (ETH) and XRP whale transactions were also registered around the same time.

Also Read: Top Bank’s 2024 Bitcoin Price Prediction Stirs Up Market, But Can It Really Happen?

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.