In the past week, Bitcoin whales have seized the opportunity provided by the recent price correction to amass 71,000 BTC, valued at $4.3 billion. This significant activity coincides with a more than 5% surge in Bitcoin's price over the last 24 hours, propelling it to $63,000. On-chain data reveals that a long-dormant Bitcoin wallet has suddenly become active, transferring a substantial 1,000 BTC after nearly 12 years of inactivity.
Satoshi Era Bitcoin Whale Wakes Up
According to on-chain data provider Spot On Chain, the dormant Bitcoin wallet, identified as “1EhXAfST,” reactivated just a few hours ago after remaining silent for approximately 11.8 years. This wallet transferred a total of 1,000 BTC, now worth an impressive $60 million, to two new wallets.
This particular wallet received its 1,000 BTC almost 12 years ago, in September 2012, when Bitcoin was trading at $12.06 per coin. The initial investment of $12,060 has now ballooned to a remarkable $60 million. This movement likely indicates that the whale is looking to capitalize on the recent price recovery, with Bitcoin rebounding to $63,000. Despite the significant transfer, it's unlikely to affect the Bitcoin price in the near term.
Massive Bitcoin Accumulation
The recent activity follows a period of massive Bitcoin accumulation, especially when the price dropped to $53,500 last week. In the swiftest accumulation since April 2023, Bitcoin whales have added 71,000 BTC, worth a staggering $4.3 billion, to their holdings.
Spot ETFs Contribute to BTC Accumulation
Spot Bitcoin ETFs have made a notable comeback, accumulating $1.1 billion worth of BTC last week. The total BTC holdings by US Bitcoin ETFs have reached a new all-time high and could surpass 1 million BTC if the accumulation continues at the current pace.
According to CryptoQuant, Bitcoin whales are accumulating BTC at the fastest rate, as measured by a 30-day moving average, since April 2023. This surge in accumulation follows the collapse of several local banks in the US earlier this year, prompting a renewed interest in Bitcoin as a store of value.
Conclusion
The reactivation of a dormant Satoshi-era Bitcoin wallet and the significant accumulation of BTC by whales highlight the dynamic and rapidly evolving nature of the cryptocurrency market. As Bitcoin continues to recover and gain momentum, these movements could signal further bullish trends and increased investor confidence in the digital asset's long-term potential.
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