Crypto News: On Friday, a crypto whale that has been sleeping for the past ten years transferred 279 Bitcoins, which are now worth 7.8 million dollars, to three new addresses. The on-chain research platform Lookonchain reports that the wallet was credited with a total of 1,128 Bitcoins in the months of October 2012 and May 2013. When the transactions took place, the price of one Bitcoin was approximately $12 and $195 respectively.
Dormant Bitcoin Wallet Works 279 BTC
Considering the price of Bitcoin at the time of writing, the amount of Bitcoin stored in the crypto wallet translates to around 31 million USD. This comes on the heels of another bitcoin whale that moved 2,071.5 BTC yesterday – which is equivalent to 60.7 million USD – after a long nine-year hiatus.
Read More: Gary Gensler Gets Rare Crypto Support From Former SEC Chair
While many fear a future BTC dump due to such developments, most transactions are done in other standalone Bitcoin wallets rather than crypto exchanges.
Reason Behind Awakening?
Although the fact that the reason for the move is unknown, there is widespread speculation that some long-time crypto HODLers moved old funds to new wallet addresses in the middle of a large operation in wallet drain aimed at targeting old wallets. On the other hand, some users say that this is a normal movement of funds in wallets such as hardware wallets that tend to offer greater security.
On Friday, the price of Bitcoin dipped below $28,000 for a short time as the broader crypto market continued its decline for three straight days. Following this crypto news, the price of Bitcoin is currently exchanging hands at $28,110 which represents a drop of 1.15% in the last 24 hours compared to the loss of 6.87% recorded in the last seven days.
Also Read: Texas Passes Landmark Crypto Bill For Exchanges To Comply