bitcoin is still driving a price recovery in its quest to return to the $70,000 price level. This is how cryptocurrency has seen now trading above $69,000, an increase of 1.6% in the last 24 hours. This price fluctuation has occurred amid an increase bitcoin-bullish-accumulation-addresses-buying-big/” target=”_blank” rel=”nofollow”>accumulation activity of some whales and some short term headlines.
Blockchain analytics platform Lookonchain has revealed a case of whale activity on social media. One interesting transaction came from a whale wallet that recently woke up after 10 years of dormancy to transfer 246 btc worth $16.73 million.
bitcoin whale wakes up from 10-year slumber
The bitcoin blockchain hosts a large number of first investors with large amounts of btc that have remained dormant for many years. In fact, the resurgence of dormant bitcoin addresses has been sporadic over the past six months, particularly as the price of bitcoin rose to new all-time highs and most caused a stir and growing interest among bitcoin investors.
According to Lookonchain, a new bitcoin whale address has been added to the list of wallets resurrected from the dead. The whale address “1CLxmH”, which held 1,701 btc (worth $115 million at the time of writing) during its 10-year dormant period, recently woke up and transferred 246 btc worth $16 .73 million dollars to another wallet. Interestingly, on-chain data shows that the whale address received 4,272 btc throughout 2013 at an average price of $29.39.
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A whale with 1,701 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc($115.42 million) woke up after 10 years of inactivity and transferred 246 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc($16.73 million) 20 minutes ago.
The whale received 4,272 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc($125,541 at the time) in 2013 at an average price of just $29.39.
ADDRESS:
1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ pic.twitter.com/W45On1Q7vb
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1776561230687150446?ref_src=twsrc%5Etfw” rel=”nofollow”>April 6, 2024
Incoming sales pressure?
Reactivations of old dormant portfolios are often driven by whales looking to sell all or some of their holdings. Mass sell-offs like this often cause prices to decline and increase selling pressure from short-term investors. However, the reason behind the reactivation of inactive addresses is impossible to predict and not all of them indicate profit taking.
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bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com
In this case, the transaction data shows that the assets were transferred to two new private wallets. 50 btc were transferred to the address “1PRREb”, while 195 btc were transferred to the address “bc1qga”. At the time of writing, the address “1CLxmH” still contains 1,455 btc worth $100.89 million.
In the current spirit of whale accumulation, x.com/lookonchain/status/1776792022499860671″ target=”_blank” rel=”nofollow”>Outlined lookonchain a new purchase from another whale address. This address, which has accumulated 1,308 btc worth $89.75 million at an average price of $68,617 since March 6, purchased another 113,735 btc worth $7.85 million from Binance less than 12 hours ago . With bitcoin trading at $69,348, this wallet now has $90.7 million in cryptocurrency.
Santiment blockchain analysis platform noticed this accumulation pattern by whales, revealing that wallets with between 100 and 100,000 btc have purchased $21.6 billion in cryptocurrencies in the last three months.
Featured image from Pexels, chart from TradingView
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