Bitcoin Whales Wake Up From 14-Year Slumber to Move Over $2B of BTC | Breaking Crypto News & Blockchain Updates

Bitcoin Whales Wake Up From 14-Year Slumber to Move Over $2B of BTC — When a large whale moves in the sea, it creates ripples across the water. Similarly, when a large bitcoinBTC$108,795.32holder, often referred to as a ...

When a large whale moves in the sea, it creates ripples across the water. Similarly, when a large bitcoinBTC$108,795.32holder, often referred to as a crypto whale, moves its coins on-chain, that creates buzz on social media, prompting observers to wonder if it's a prelude to a sale and downside price volatility.

Early Friday, two wallets, labelled "12tLs...xj2me" and "1KbrS...AWJYm," moved 20,000 BTC, worth over $2 billion, to new addresses, according to data tracked by blockchain sleuthLookonchain. The addresses received these coins on April 3, 2011, when bitcoin was priced at around 78 cents.

Today, BTC is over $109,000, implying a staggering 140,000-fold return for the two whale addresses, which means that they have a strong incentive to liquidate their holdings. Many long-term holders have been selling their coins ever since BTC crossed above $100,000 in May.

That said, the latest transfers were made to non-exchange addresses, which have gone silent since receiving these coins. So, it's too early to conclude that the transfer operation is aimed at taking profits.

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.

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