One of the most significant whale movements in Bitcoin history recently occurred as a wallet, inactive since 2012, suddenly showed signs of life. Holding 749 BTC (worth approximately $53.2 million), this Bitcoin address executed a major transaction early Tuesday morning.
Bitcoin Whale Resurfaces After 12 Years
According to data from blockchain tracking platform Mempool, the long-dormant wallet initiated a transaction totaling around 159.2 BTC (approximately $11.3 million) at 7:28 AM UTC. A look into the wallet’s history reveals that its last activity was on November 10, 2012, when the total 749 BTC balance was valued at just $8,000. Today, that amount is worth a staggering $53 million, underscoring the incredible appreciation in Bitcoin’s value.
💤 💤 💤 💤 💤 💤 A dormant address containing 749 #BTC (53,227,433 USD) has just been activated after 12.0 years (worth 7,974 USD in 2012)!https://t.co/5SzBYeKlk1
— Whale Alert (@whale_alert) October 29, 2024
Interestingly, a portion of the transferred BTC is marked as “change” and returned to a new address, with 124.2 BTC (worth $8.8 million) appearing to be redirected back to another wallet, likely owned by the same individual. The remaining 35 BTC (about $2.4 million) was sent to a different address, though it’s unclear whether this recipient is associated with the original owner.
A Testimony to Bitcoin’s Soaring Value
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The revival of this wallet highlights the extraordinary increase in Bitcoin’s value over the years. In 2012, 10 BTC were worth around $110; today, that same amount holds a value exceeding $700,000, showcasing the exponential growth of cryptocurrency. Currently, Bitcoin trades just 4% below its all-time high of $71,136, marking an astonishing 6,500x appreciation since 2012.
2024: A Year of Whale Activity
Whale activity has become a significant trend in 2024. In July, a separate Bitcoin wallet that purchased 1,000 BTC in 2012 transferred its BTC, now valued at $60 million, to a new address. Earlier, in March, a wallet holding the fifth-largest Bitcoin balance moved BTC worth $6 billion, after remaining inactive since 2019. Additionally, in January, following the U.S. approval of spot Bitcoin ETFs, approximately 50,000 BTC (then worth $2 billion) was mobilized.
Market Impact and Investor Sentiment
These large whale transactions often capture attention and spark curiosity among investors. A dormant wallet suddenly coming to life can have potential implications for Bitcoin prices, especially if such transfers signal intent to sell. Alternatively, it could simply reflect a secure transfer from one wallet to another. However, substantial Bitcoin movements can create temporary volatility, with liquidity impacting short-term price fluctuations.
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