After seven years of dormancy, a crypto wallet holding around 11,326 BTC, or $517 million by current exchange rates, came alive on March 29th. Interestingly, the alleged whale behind the wallet chose to ‘awaken’ when Bitcoin was embarking on its latest price descent. The leading digital currency had been rising, especially in the last week of March, hitting a weekly high of $48K. However, following a retracement of 5.1%, BTC eventually dipped to $44,250, essentially shaving off some impressive gains.
Remarking on the BTC wallet development, Whale Shadows tool, a platform that tracks coins that activate after years of idleness, stated:
“There was a significant movement on-chain yesterday, with +10k BTC that has not moved for the past 7-10yrs finally moving.”
In addition, LookIntoBitcoin, an on-chain analytics resource, also commented on the recent movement of the erstwhile dormant coins. According to data from the platform, the 7 to 9-year dormant coins represented one of the two biggest ever in BTC’s history.
The last time the market witnessed a similar movement was back in December 2017. At the time, Bitcoin came up just shy of $20K. However, it took three long years of a predominantly bear phase for the record to finally be eclipsed in December 2020.
As at press time, BTC was changing hands at $46,416.76.
Image Credits: Pixabay
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