$230,000,000 in Bitcoin Moved by 3 Dormant Whales – But What’s the Common Thread?
Three dormant Bitcoin whale addresses moved a combined 6,500 BTC worth about $230 million and made sudden transfers on November 2nd. The wallets have been inactive since 2017.
According to data from BitInfoCharts, the first address moved 2,550 BTC, valued at around $90 million. A second address transferred 2,000 BTC worth $71 million. And a third address sent 1,950 BTC, totaling $69 million.
Years of inactivity precede big Bitcoin transfers
All three whale wallet addresses shared a key commonality: their last transactions were on November 5, 2017, indicating nearly six years of dormancy. The wallets slept through Bitcoin’s dramatic bull run and 2021 all-time high of over $69,000.
Most of the Bitcoin originates from July 2011 and appears linked to the F2Pool mining pool, signaling likely accumulation from early mining activities. The whales held the bitcoin when prices traded below $15.
While unconfirmed, the similar transaction histories imply the wallets may be connected to a single entity or individual. The motive behind their sudden transfers remains unclear.
The awakening of these Bitcoin whale addresses follows similar activity from long-dormant wallets this year.
- In April, an address inactive for 12 years transferred 400 BTC to new wallets.
- Another wallet moved over 1037 BTC in July after lying dormant for 11 years.
Some speculate longtime holders are moving funds to new wallets due to potential vulnerabilities with old wallet services or seed phrase storage methods.
The surprise whale transfers come on the heels of bitcoin gaining nearly 30% over the past 30 days. The cryptocurrency rose 3% on November 1st to over $35,500.
The timing suggests the whales may be taking advantage of Bitcoin’s renewed momentum after a lackluster first half of 2023. Their movements could also signal confidence that the rally has further room to run.
