A Bitcoin whale wallet was reactivated after almost a decade of rest. Wallets that are reactivated after a long period of inactivity are currently no longer new on the market. These whale wallets typically contain tens of millions to hundreds of millions of BTC in value when the wallet owners reactivate them. Bitcoins like this were purchased at very low prices, but the upward trend in the market over the past few years has turned the initial thousands of dollars into millions.
Such is the case with the recent Bitcoin whale wallet activation, which pulled hundreds of millions from a wallet that had seen no activity in the past eight years. Now the market is speculating what they could do with the BTC.
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Bitcoin Whale Wallet starts after 8.1 years
Whale Alert released a transaction hash that showed a whale wallet was reactivated after 8.1 years of dormant time. The wallet was last processed in 2013 and has not had any activity since then. On November 20, the wallet had its first activity in nearly a decade as the holder pulled 1,232.6469 BTC from the wallet.
💤💤💤💤💤💤💤 A dormant address with 1,299 #BTC (77,620,338 USD) has just been activated after 8.1 years (worth 199,962 USD in 2013)! Https: //t.co/IO2GwlaSpe
– Whale alert (@whale_alert) November 20, 2021
The total amount of BTC in the wallet was 1,299 BTC for the equivalent of $ 77.6 million. The amount was immediately withdrawn from the wallet, leaving about $ 66 worth of BTC.
BTC struggles under $ 60,000 | Source: BTCUSD on TradingView.com
Community speculates on the movement
With $ 77 million in tow, there was speculation as to whether the owner of the whale wallet would sell his bitcoins after the move. The coins were moved to another private wallet, not an exchange, which means that the holder did not send the coins directly for sale. However, it is important to consider what impact such a sale could have on the market.
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A sell order of 1,299 BTC rising on an exchange will no doubt panic among investors. The sale could very well cause the price of the digital asset to drop after such a large order. But given that the BTC held in the wallet was worth less than $ 200,000 in 2013, it’s not hard to believe that after nearly a decade, the holder is looking to cash out profits.
One user compared it to winning the lottery and said, “If you bought a lottery ticket for less than $ 200,000 and it turned into a jackpot of $ 77 million after 8 years, would you or not sell it?”
Regardless of the wallet owner’s intent, the Bitcoin price has held up in the market. The price has since rebounded, though the price had dropped to $ 55,000 by the weekend.
Featured image from Nairametrics, chart from TradingView.com