A Bitcoin (BTC) address holding 1,701 BTC, worth $115.41 million, has been inactive since 2014. The 10-year dormant Bitcoin whale activated its ancient address to make a 50 BTC transaction on April 6, Saturday.
Interestingly, this is a legacy Bitcoin wallet address, identifiable through the ‘1’ on its beginning, as in ‘1CLxm…1oeUZ‘. Previously, the whale spent 2,570 BTC on February 18, 2014, worth $1.60 million with Bitcoin priced at $625.
It then became inactive for the following 10 years, having received 4,272.29 BTC total, throughout its history. If kept, these total receivings would now be worth nearly $300 million.
Bitcoin Whale Address: 1CLxmHRhoi9VpSj5QihqPEdbhLL8E1oeUZ. Source: mempool.space
Bitcoin whale activity after a 10-year dormancy
Notably, Foundry USA added the activation transaction to block height 837,959, which has only three confirmations, as of writing. The dormant Bitcoin whale paid 0.00001374 BTC worth $0.93 in fees to send its transaction.
Transaction: ef397c983a54d04aeb121636ac3e48b9ce29a3da2a86d2be7047c989fa5653be. Source: mempool.space
Moreover, the 10-year dormant legacy address used a UTXO of 245.99 BTC to send its most recent transaction. In particular, sending 50 BTC to another legacy address ‘1PRRE…sGjRo‘, just activated for the first time.
Next, the whale received the 195.98 BTC change in a modern SegWit address ‘bc1qg…fxrk7‘, which suggests a wallet update.
Transaction flow. Source: mempool.space
What does it mean for Bitcoin investors?
At this point, Bitcoin investors should monitor this 10-year-old Bitcoin whale to avoid a surprising sell-off. Cryptocurrency whales can have a significant influence on price if they decide to sell their coins.
However, we still do not have enough information to conclude whether this is a simple balance management activity, or something else. This Bitcoin whale could be finally looking to realize some profits 10 years later, which may encourage others to follow.
Dormant whale activity is a valuable market indicator to consider while making investment decisions, potentially signaling a bearish sentiment is rising.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
