The cryptocurrency world experienced a significant event recently as a long-dormant wallet reactivated after 12 years, resulting in the withdrawal of approximately 400 BTC, equivalent to around $44 million. This substantial transaction was reported by analysts at Lookonchain, who noted that the funds were transferred to multiple new wallets roughly three hours after the withdrawal.
The Bitcoin in question was originally acquired from miners 15 years ago, highlighting the wallet’s long period of inactivity. Following the transaction, the wallet’s balance has been reduced to zero. Analysts from Arkham have pointed out that the funds were sent in several batches, primarily consisting of 15 BTC each. The identity of the individual behind the wallet and the motives for this sudden activity remain unclear.
The wallet’s revival is particularly noteworthy given the dramatic rise in Bitcoin’s value over the past decade plus. During its 12 years of hibernation, Bitcoin’s price surged from approximately $135 to an astonishing $122,149.
In a related market development, Lookonchain also reported on the actions of an Ethereum whale. About five months ago, this entity had sold 1,857 ETH for $4.18 million at a price of $2,251 per ETH. More recently, the whale re-entered the market by repurchasing 1,501 ETH, spending $6.17 million at a considerably higher rate of $4,114.
Additionally, it was noted that a separate whale, who similarly became active after a lengthy period of dormancy, had transferred 750 BTC to the Binance exchange back in August. These movements highlight ongoing trends among crypto investors, particularly those with significant holdings, as they adjust their strategies in response to market conditions.
