Dormant Bitcoin Whale Awakens After 11 Years, Moves $257M Worth Of BTC: 'This Event Has Only Occurred Once Before…'

A dormant whale resurfaced after 11 years on Tuesday, moving over $250 million worth of Bitcoin BTC/USD.

What Happened: According to the on-chain tracking platform Lookonchain, the investor suddenly became active, moving 2,700 BTCs to a new address. The total value of the transferred Bitcoin was estimated to be $257.45 million.

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The whale received the stash on Dec. 21, 2013, when Bitcoin was priced at $625.84 per unit. If the transferred amount was intended to be sold, the whale would make a profit of around $255.786 million, representing a staggering 15135.8% return.

A whale with 2,700 $BTC($257.45M) transferred all 2,700 $BTC($257.45M) out after being dormant for 11 years.

The whale received 2,700 $BTC on Dec 21, 2013, when the price was $625.84.https://t.co/cizfddOnn6 pic.twitter.com/E2CXEDaTVK

— Lookonchain (@lookonchain) December 4, 2024

Popular cryptocurrency market observer JA Maartunn also weighed in on the fascinating development, stating that such an event only happened once before.

🚨 Satoshi, are you there?

2,700 Bitcoin that had been dormant for more than 10 years has just moved. This event has only occurred once before. pic.twitter.com/FJ0K3kt4yT

— Maartunn (@JA_Maartun) December 3, 2024

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Why It Matters: The activity of Bitcoin whales often influences the cryptocurrency market. Large transactions can cause significant price fluctuations, either positively or negatively.

Furthermore, the awakening of dormant whales could indicate that long-term holders are cashing out their Bitcoin holdings.

Data from IntoTheBlock concurred with this narrative, showing a dip in the Bitcoin balance held by long-term HODLers.

A 90% spike in Bitcoin’s exchange net flows also supported the idea that funds were likely getting liquidated.

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