A pair of Bitcoin Wallets Reawaken addresses that had been inactive for nearly a decade have unexpectedly revived, catching the market off guard. The mysterious whale wallets made huge profits from their early investments in Bitcoin and have begun large-scale Bitcoin transactions.
Early Bitcoin Whales Move 1,000 BTC
Two whale wallets from the Satoshi era that had been dormant for 10.7 years have lately begun to exhibit signs of activity, according to blockchain analytics outfit Lookonchain, which recently went to X (previously Twitter). An on-chain data analysis tool revealed that anonymous whale wallets “16vRqA” and “1DUJuH” had transferred a total of 1,000 BTC, or $60.9 million, in two minutes.
The two inactive Bitcoin whale accounts reportedly bought 500 BTC apiece on September 13, 2013, which is hardly four years after the cryptocurrency was created, according to Lookonchain. Bitcoin Wallets Reawaken was worth around $124 back then, thousands of dollars less now.
The combined value of the 500 Bitcoins held by the BTC whale accounts was around $62,000. At the time of the transfer, the price of Bitcoin was just over $61,200. These anonymous Bitcoin whales have already made a killing. With a 47,873% increase in value over the last decade, each wallet has made $30,387,372 from an original investment of $62,000 worth of Bitcoin.
The Bitcoin whale’s extensive holding of the pioneer cryptocurrency over many years is the reason for this considerable windfall. In the early days of Bitcoin, when just a tiny percentage of the current crypto community saw its promise, many astute investors bought a lot of the cryptocurrency while it was cheap. They patiently waited for Bitcoin’s value to rise and did not sell their holdings when the cryptocurrency changed.
Just after Bitcoin Wallets Reawaken hit a new all-time high of $69,200 in March, another Bitcoin whale wallet from the Satoshi era sold 1,000 BTC for almost $69 million. The sharp decline in Bitcoin’s value following the transfer demonstrates the outsized impact of large-scale Bitcoin transactions on the current market.
BTC Price Sees Slight Uptick
The price of Bitcoin, which was initially trading at just over $60,000, jumped 2.92 per cent in just one day after the two dormant whale accounts sent 1,000 BTC. With primarily green candles on its daily price chart, the cryptocurrency shows positive signals and is currently trading around $62,800. Investor interest and demand for Bitcoin has recently skyrocketed, as evidenced by the 41.23% growth in the cryptocurrency’s daily trading volume, over $18.1 billion.
Bitcoin was already going through significant drops after the halving event on April 20, so it is still unclear if BTC will maintain this positive trend. On CoinMarketCap, Bitcoin Wallets Reawaken value has dropped 8.45% in the last 30 days and 4.15% in the previous week. Given the renewed interest in Bitcoin, the recent price fall may have ended, and a comeback for cryptocurrency is on the horizon.
