2 whales (large Bitcoin holders) have made large fund transfers after a period of inactivity of about 10 years. The first transferred 2,071 BTC and the second transferred 463 BTC. The reasons for these transfers are unknown, but some speculate that it may be a security measure following the recent hacks. Others speculate that Satoshi Nakamoto, the creator of Bitcoin, may have been involved.
Whales wake up after a long sleep
Late last week, two whales made large fund movements after a period of inactivity of about 10 years. The first, which holds a total of 6,071 Bitcoins (BTC), or about $166.6 million at current prices, transferred 2,071 BTC ($60.7 million) after 9.3 years without any activity.
A whale with 6,071.5 $BTC($178M) that has been dormant for 9.3 years transferred 2,071.5 $BTC($60.7M) out today.
And the 2,071.5 $BTC was finally transferred to the address starting with “bc1q”.
The whale received 6,071.5 $BTC on Dec 19, 2013, when the price was $663. pic.twitter.com/CBpoIy2mEk
– Lookonchain (@lookonchain) April 20, 2023
As Twitter user @lookonchain explains, the whale originally acquired its 6,071 BTC in December 2013, when the king of cryptocurrencies was then trading around $663. After that move, Whale – which has not touched its wallet since – is now looking at a balance of 4,000 BTC, or about $110 million. Although the BTCs have not been sold, the whale is now reportedly able to make a 4,134% gain on its initial investment.
The next day, April 21, a second whale transferred 463 BTC after 10 years of inactivity, out of a total of 1,128 Bitcoins initially housed in its wallet.
The BTC in this wallet, mostly obtained at a cost of $12 and $195 per unit at the time, were transferred to 3 different wallets.
These transactions themselves follow those of a whale, who in February this year suddenly transferred the equivalent of $9.6 million in Bitcoin when the wallet had not been used for 11 years. With a purchase price of $8 at the time of his acquisitions, the whale saw the value of his wallet increase by 120,000,000% over that time.
Why are whales only operating now?
In reality, it’s hard to say what would motivate very long-term Bitcoin holders to transfer them after so much time. If we cross this information with recent news, it could be that whales are looking to secure their cryptocurrencies following repeated hacks that remain unexplained.
The analysis published by @tayvano_ is keeping investors busy, as an individual or individuals are said to have been draining wallets since December 2022 without any cause being identified. It would appear that the wallets in question were created before 2014, which is one of the few things they have in common, but the whales may be playing it safe given the amounts they hold.
Otherwise, since these Bitcoins were accumulated during the “Satoshi era”, some rumours suggest that Satoshi Nakamoto – who is said to hold more than a million BTC – is behind these fund movements. Rumours that are difficult to verify