Bitcoin whale address activated after a decade, $37.8M worth of BTC moved

A bitcoin whale – which has been inactive for more than 10 years – awoke from slumber on June 8 to move the entire stash of the crypto-asset.

• According to statistics From on-chain analytics platform LookOnChain, 1,432.93 BTC, worth approximately $37.8 million, was moved to a new address “bc1psv”.
• The whale, who has been ‘wandering’ for over a decade, appears to have obtained 1,432.92 BTC on April 9, 2013, when the bitcoin price was trading around $195.4.
• The latest movement of centuries-old dormant BTC holdings follows a series of similar transfers in recent months.
• It is difficult to determine whether whales’ sentiment has changed in a bear market and whether these movements are related to bitcoin sales or simply individual custodial exercises.
• In April, a bitcoin wallet that had been inactive for more than nine years transferred 2,071.5 BTC (worth over $60 million). The whale address received a total of 6,071.5 BTC in late 2013 when the price of bitcoin was close to $663.
• During the same period, another long-term BTC HODLer, who has been untouched for 12 years, moved 400 BTC (equivalent to approximately $11 million) to multiple addresses.
• Meanwhile, a recent analysis by Glassnode revealed Big BTC whales continue to aggressively accumulate the leading crypto-asset, even as its price remains stuck in a range-bound trajectory.

An interesting paradox persists in the Bitcoin accumulation trend score, as the largest whales (>10K BTC) continue to accumulate aggressively, while all other major groups experience massive distributions.