After being inactive for over a decade, an inactive Bitcoin whale has made significant waves by moving 1,000 BTC worth approximately $116.6 million.
On-chain analytics Lookonchain reported that this whale moved this bitcoin on Tuesday from the address “1NzH…DrtpZo” to four new addresses.
The records show that this whale purchased the bitcoin in January 2014 when BTC was $847, meaning the initial investment of $847k is now worth $116 million or more.
The original wallet and the identity of the people behind the four new wallets have yet to be established.
Bitcoin Price Action and Market Standing
The movement of these whales was suddenly introduced into the narrative of progress for Bitcoin’s market performance.
As of this writing, Bitcoin is exchanging at $116,932 USD, which is a 1% rise from the previous 24 hours and a 4.8% gain over the past week.
Bitcoin’s 24-hour trading volume was at $42.7 billion, while market capitalization reached $2.32 trillion USD, and the circulating supply was noted at approximately 20 million BTC.
Whales are sometimes indicative of volatility; however, whale movements like this are often memorialized due to the possibilities they represent to many participants in the cryptocurrency space.
Also Read: Bitcoin Whale Faces $6.75M Loss on BTC Long Position Loss Via Hyperliquid As Market Dips
A Pattern of Dormant Wallets Coming to Life
This phenomenon reflects a larger trend of long-inactive Bitcoin wallets becoming active again in the past few months, coinciding with the broader crypto market rally.
Last week, another wallet, reportedly containing 445 BTC, transferred 132 BTC to a new address and sent another 5 BTC directly to Kraken after being dormant for almost 13 years.
Earlier in July, a much larger movement of wealth occurred when a so-called “Satoshi-era” whale liquidated over 80,000 BTC, which at the time was worth more than $9 billion, through an estate planning process with Galaxy Digital.
Clearly, these movements suggest that some of the earliest investors were adjusting their wealth positioning as they anticipated that time and market conditions might change.
Also Read: Bitcoin Whale Awakens After 14 Years & Moves 20,000 BTC Worth $2.18B Acquired at $0.78 Each
Other Bitcoin Whales Making Strategic Shifts
In addition to this recent incident, significant whale activity has been noted through the summer months.
On August 22nd, a Bitcoin whale, who held more than 100,000 BTC in their wallet, changed their position by selling a portion of their holdings and grabbing 62,914 Ethereum while adding a long position of 135,265 ETH, UnoCrypto reported.
This not only indicated an asset allocation shift but also demonstrated that institutional strength could absorb selling pressure.
In another instance on August 27th, we reported that a whale that was holding 5,000 BTC since 2012 sold 750 BTC (worth in excess of $83 million) in just under two hours.
The transaction yielded approximately $550 million in profit, exemplifying the profits early Bitcoin investors have been able to generate.