Quiet Bitcoin Whales, Sitting On A Windfall, Spring Back To Activity — Price Retrace Imminent?

Bitcoin BTC/USD investors were suddenly waking up after years of dormancy to move around their stash as the leading cryptocurrency gathers upward momentum toward all-time highs.

What Happened: On-chain analytics firm Whale Alert reported that a Bitcoin address, dormant for roughly 11 years, transferred 21.87 BTC to another address Sunday overnight.

The stash was worth $16,252 when it last moved in 2013, Whale Alert added. As of this writing, the total value of the holdings was around $1.5 million, indicating a massive 9159% return.

💤 A dormant address containing 21 #BTC (1,516,136 USD) has just been activated after 10.9 years (worth 16,252 USD in 2013)!https://t.co/nraQNaK8Ho

— Whale Alert (@whale_alert) October 21, 2024

Similarly, a Satoshi-era whale transferred 20 BTCs to another wallet a little earlier in the day, which at the time of the transfer netted 411596% in return.

"Satoshi Era" is a popular term in cryptocurrency parlance, referring to the phase from 2009 to 2011, when Nakamoto was actively working and promoting the project.

💤 A dormant address containing 20 #BTC (1,370,949 USD) has just been activated after 13.4 years (worth 333 USD in 2011)!https://t.co/kVjmSgEdlf

— Whale Alert (@whale_alert) October 20, 2024

See Also: Dogecoin Sets The Stage, But AI Meme Coin GOAT Steals The Show, Ripping From Zero To $400 Million In 1 Week

Why It Matters: The movement of such old Bitcoins has picked up pace this month. It wasn’t immediately clear whether the transfer was meant to sell and lock in profits.

The movements of Bitcoin whales, especially those from the Satoshi era, are closely watched by the cryptocurrency community. These whales hold a significant amount of Bitcoin, and their transactions can potentially impact the market.

According to blockchain research firm CryptoQuant, whale inflows to exchanges lifted significantly last week, sparling fears of sell-offs.

Bitcoin, the world’s largest cryptocurrency, surged above $69,000 late Sunday evening, the first occurrence since early June. The coin gained over 7% in the last week, with top cryptocurrency analysts projecting a swift return to its all-time highs.

Price Action: At the time of writing, Bitcoin was exchanging hands at 68,773.18, up 0.73% in the last 24 hours, according to data from Benzinga Pro. 

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.