• 23 July, 2024
Market News

Dormant Bitcoin Whales Return Transferring Million Dollars’ Worth of Crypto

Recent reports revealed that several Bitcoin whales that were dormant for many years have suddenly started moving their assets, causing a ripple in the crypto community. Considerably, the giant whale with 79,957 BTC ($2.19 billion) has been dormant for a whopping 12 years; the price of the bitcoin was just $0.93 when he received it.

Notably, Bitcoin market speculation is on the rise as dormant whales awaken and move millions of dollars worth of BTC, as spotted by the on-chain analyst Lookonchain:

According to blockchain records, three whales holding 8,199 BTC ($225 million) between them have moved their assets in just five days. Several bitcoin tracking platforms that specialize in keeping tabs on significant cryptocurrency transactions worldwide have been closely monitoring the transactions. As of now, it remains unclear what triggered the sudden movement and how the whales intend to utilize their newly activated assets.

The news of the dormant whales coming to life has raised interesting debates around the Bitcoin market. Industry experts suggest that the recent surge in cryptocurrency values, combined with the approaching halving of mining rewards, could have sparked renewed interest from the whales who have been sitting on their BTC for years.

It is worth noting that bitcoin whales are often viewed as a significant market mover in the cryptocurrency industry. Their decisions to buy and sell significant amounts of digital assets have been known to influence the price and demand of cryptocurrencies worldwide. The sudden awakening of these dormant whales could potentially have a far-reaching impact on the Bitcoin market in the coming weeks.

For many crypto enthusiasts, this latest news serves as a reminder of the volatility of the cryptocurrency market. While the sudden movement of dormant whale assets has caused some unease, many are excited about the potential market shift that could come as a result.

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