A dormant Bitcoin ($BTC) whale has recently moved 8,000 coins onto the leading cryptocurrency exchange Binance after acquiring the tokens near the bear market lows in 2018 at around $3,800 per BTC.
According to data shared by on-chain analysis service Lookonchain, a dormant Bitcoin whale that hadn’t moved their funds for over five years has moved 8,000 BTC that they acquired in December 2018, near the bear market lows of $3,200 after the price of the flagship cryptocurrency plunged from nearly $19,000 in 2017. The total cost for these coins was of around $30.4 million.
At the time of writing the flagship cryptocurrency is trading at $67,800, with the funds being worth over $535 million at the time they were sent to the leading cryptocurrency exchange.
A wallet that had been dormant for 5.5 years transferred 8K $BTC($535.64M) to #Binance 40 mins ago.The wallet received 8K $BTC on Dec 6, 2018, when the $BTC price was $3,810.https://t.co/zvxAKbHKi6 pic.twitter.com/ZKZHdm4JkR
— Lookonchain (@lookonchain) June 11, 2024
The move came as major Bitcoin investors, colloquially known as whales, have recently opened massive long positions on the flagship cryptocurrency via popular cryptocurrency exchanges Bybit and HTX at around $69,000.
That’s according to Ki Young Ju, CEO of cryptocurrency analytics firm CryptoQuant, who pointed out that these massive long positions are interesting in light of similar activity seen back in August 2023, when Bitcoin whales opened large long positions on BTC ahead of a parabolic price rise that saw the cryptocurrency move from around $25,000 to a new all-time high above $73,500.
Notably, CryptoQuant has also revealed that there has been an influx of capital from whale wallets, which have been adding round $1 billion worth of BTC per day, with the robust accumulation suggests that these funds are “likely custody.”
Young-Ju highlighted a parallel between Bitcoin’s current behavior and the market activity of mid-2020, before a bull run in 2021. During that period, Bitcoin’s price remained relatively stable, yet on-chain activity, particularly over-the-counter (OTC) transactions involving institutional players, was exceptionally high.
Despite Bitcoin’s price being relatively stagnant over the past six months, the realized cap for new whales, a metric reflecting the total value at which large investors acquire Bitcoin, has seen significant growth.
Featured image via Pixabay.