Bitcoin whale wakes up after five years of restful sleep

Bitcoin Whale Ahoy! Another whale is moving after a good nap. So what are they doing and what does it mean?

The transparent nature of the Bitcoin (BTC) blockchain allows you to collect all kinds of interesting information about the market. Now on-chain data tells us that one bitcoin whale has moved 500 BTC. These bitcoins have been lying at the same address for 5-7 years.

Bitcoin whales and old coins are in circulation

As a rule, this is not a good sign when old coins are circulating. Maybe the owner of bitcoin wants to keep these coins in another wallet. But usually, it’s more likely that they want to sell. Especially if the coins go to exchanges, there is little chance that this is just a reorganization of wallets.

In this case, it is not known what the whale in question intends to do with bitcoin. What is certain, however, is that whales have done nothing with this bitcoin for a long time. So this is a whale that has had a lot of patience in recent years!

Analyst JA_Maartun noticed this crypto move.

500 bitcoin is not that much

While the total value of a 500-bitcoin transaction is less than $10 million, it is nothing different from the ordinary in a broad sense. Not long ago, suddenly more than 5,000 people started transferring bitcoins that had been in the same address for 7-10 years.

It didn’t look like these BTC were going to an exchange. The influx on major platforms did not show a huge jump in transaction times, meaning it could have been a portfolio restructuring.

In August, we reported that a bitcoin whale bought 132,878 BTC for a value of $2.909 billion. Currently, this new whale holds 0.70% of the BTC in circulation.

What’s the next big thing for bitcoin? Let’s see this space.

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