The "Old Giant Whale" awakens thousands of Bitcoins! After 11 years of sleep, its value increased more than 6,000 times.

Over the weekend, a wallet that had been dormant for years was suddenly awakened and more than 1,037 Bitcoins were transferred out in a single transaction. On-chain data shows that the "old whale" originally spent about $5,108 to obtain this batch of Bitcoins in 2012, but after 11 years of dormancy, the value has now increased more than 6,000 times to $31 million.

According to data from BitInfoCharts, these 1,037 Bitcoins were transferred out when the price was $29,956 and took effect at block height 799701, which was around 9 a.m. on July 22.

Lookonchain, an on-chain analysis platform, stated that this long-dormant address initially obtained these 1,037 Bitcoins on April 11, 2012. At that time, the unit price of Bitcoin was only US$4.92, which converted into the original principal investment of only US$5,108. However, As of today, these Bitcoins are worth more than $31 million.

A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago.

The whale received 1,037.42 $BTC($5,107 at that time) on Apr 11, 2012, when the price was $4.92.t.co/k8ZmO5vc8X pic.twitter.com/xBaw2dQfY8

— Lookonchain (@lookonchain) July 22, 2023

Crypto whales have been seeing a lot of activity lately, with another address transferring 2,071 Bitcoins worth around $60 million in early April this year after being dormant for 10 years, according to Lookonchain. In January this year, another address also made a huge transfer worth $250 million, transferring a total of 26,056 Bitcoins.

According to the observation of Will Clemente, a researcher at on-chain analysis company Glassnode, although major cryptocurrency players have been making frequent moves recently, more than 55% of the Bitcoin circulation has not been moved in the past two years.

Dormant Bitcoin is the best#BitcoinBy@WClementeIII t.co/RwcCWOdIod

— Miklos Denkler (@MiklosDenkler) July 23, 2023

This article "Old Giant Whale" awakens thousands of Bitcoins! After sleeping for 11 years, its value increased more than 6,000 times. First appeared on Blockchain.