Silent for nearly nine years! Bitcoin whale quietly wakes up, $88.5 million in assets emerges
Recently, a mysterious Bitcoin whale reappeared after being dormant for nearly nine years, transferring approximately 2,101 Bitcoins (worth approximately US$88.5 million) to a new address. These Bitcoins were first transferred to a new address in February 2015. accumulated.
According to a new report from Bitcoin.com, data detected by BTCParser shows that the wallet address first received funds when the price of Bitcoin was about $243, and the total value at that time was only about $500,000.
The Bitcoin whale has since remained dormant and has now moved its Bitcoin holdings to two new addresses, one holding 1,762.99 Bitcoins and the other holding 336 Bitcoins. However, it currently does not appear to be in the market to sell its assets.
The whale spent around $26 to move a total of more than $88.5 million worth of Bitcoin, showing the low cost of significant transactions on the network.
At this time, the total supply of Bitcoin on centralized cryptocurrency exchanges fell to its lowest level in six years, with exchanges experiencing 45 consecutive months of net outflows, according to CryptoQuant data.
A reduction in the supply of Bitcoin on exchanges is seen as a positive sign, as long-term holders typically purchase Bitcoin from exchanges and withdraw it in order to custody their funds and hold them for the long term. Short-term investors, on the other hand, will deposit their funds on the exchange and either actively trade or sell.
Exchange holdings of Bitcoin have been declining since 2017, significantly impacting the asset’s volatility, availability, and overall market behavior. This has also affected transactions of Bitcoin deposits into exchanges, which have fallen to their lowest levels in years. Similar to July 2020, current Bitcoin deposit trading levels indicate less selling pressure.
As CryptoGlobe reported, several analysts have been making bullish Bitcoin price predictions, and well-known on-chain analyst Willy Woo recently shared his prediction of a potential Bitcoin price pullback to the $39,900 range and subsequent rises .
Meanwhile, Standard Chartered, a London-based multinational banking and financial services company, said Bitcoin prices could surge to $120,000 by the end of next year, after previously forecasting prices to rise to $50,000 this year.
