Bitcoin Whale Address Activates After Decade, Transfers $37.8M Worth of BTC

A Bitcoin whale – that has been dormant for more than 10 years – woke up from slumber to transfer the entire stash of the crypto-asset on June 8th.

• According to data from the on-chain analytic platform Lookonchain, 1,432.93 BTC, worth around $37.8 million, were moved to a new address, “bc1psv.”
• The whale, who ‘hodled’ for more than a decade, appears to have received 1,432.92 BTC on April 9, 2013, when the price of Bitcoin was trading near $195.4.
• The latest movement of age-old dormant BTC holdings follows a series of similar transfers over recent months.
• It’s hard to determine if the whales’ convictions have changed in the bear market and whether these movements are related to the selling of Bitcoin or simply personal custodial practice.
• In April, a Bitcoin wallet that stayed dormant for over nine years transferred 2,071.5 BTC (worth more than $60 million). The whale address received a total of 6,071.5 BTC at the end of 2013 when Bitcoin’s price hovered near $663.
• During the same period, another long-term BTC HODLer whose stash remained untouched for 12 years transferred 400 BTC (equivalent to approximately $11 million) to numerous addresses.
• Meanwhile, a recent analysis by Glassnode revealed that large BTC whales continued to aggressively accumulate the flagship crypto-asset despite its price being trapped in a rangebound trajectory.

An interesting dichotomy across the Bitcoin Accumulation Trend Score persists, as the largest of Whales (>10K BTC) continue to aggressively accumulate, whilst all other major cohorts experience heavy distribution.