Last Friday a Bitcoin whale moved its funds after 10 years of lying dormant. The amount would be around $7.8 million.
After an inactivity dating back to 2013, an e-wallet with 1,128 BTC made shipments to three other new wallets. The amount of 279 BTC, equivalent to $7.8 million, belonging to the Bitcoin Whale, moved last Friday. Lookonchain reported the shipment on Twitter.
The tracker said the holder received 1,128 coins between October 2022 and May 2013. It also related that by the dates the investor acquired the coins, each BTC was priced at $12 and $195. Despite the difference between one purchase and the other, the accumulator bought at a terribly lower price than the current price.
Assuming he bought all coins at the second price, the total investment would have been $220,000. 10 years later, the total in his wallet would be nearly $31 million, according to current prices taken from the CoinMarkeCap portal.
This Bitcoin Whale is the Latest to Wake Up
Now that this Bitcoin whale moved its funds after a decade of dormancy, the same becomes the most recent to do so. The current rise in the price of the pioneering digital currency caused some long-term investors to take advantage of reaping gains after a 2022 low price.
In 2021, long-term holdover portfolios experienced considerable rises as the price of BTC hit record highs. Confidence that the price would soon reach 100K caused long-legged portfolios to be held in positive expectation. But the crash the following year and the regulatory storms threatening ahead caused many investors to change their minds.
With that possible scenario in mind, some large Bitcoin investors (identified with the qualifier “whale”) are seeing the 2023 rally as an opportunity to pick up profits. The latter before the price could decline again. At least that is the impression given by several portfolios waking up after years of dormancy.
Some Current Cases
In February, a sleeping Bitcoin whale woke up after 11 years of inactivity. It transacted in the order of $9.5 million. This last investor, despite the winter, realized gains of 120,000,000%, according to the Decrypt portal.
Leading analysts consider Bitcoin to be one of the best assets to treasure in the long term despite the volatility in the short term. Wall Street legends such as Paul Tudor Jones went so far as to state that investing now in cryptocurrencies is like buying Apple shares in its early days on the stock exchange. In other words, it refers to guaranteed success for investment capitals.
It is to be taken into consideration that, despite the sales of the sleeping whales, many investors are oriented to Bitcoin in the long term again, i.e. this whale, even though it moved part of its funds, could keep its coins instead of liquidating them. The aforementioned news portal claims that new “hodlers” would be preparing for a new stage of long-term hoarding.
It is worth noting that the coin created by Satoshi Nakamoto has some characteristics that make it worth buying in the long term. The most important one is scarcity. Bitcoin has an issuance cap of 21 million coins and a rising adoption guarantees constant appreciation. In that sense, investors bet on the “hodl” as a safe investment and thus avoid being victims of volatility in the short term.
By Marina Meza
