Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

Author: Nishu November 24, 2021

Bitcoin Whale Wallet reactivated

A bitcoin whale wallet has been reactivated after almost a decade of dormancy. Wallets being reactivated after long periods of dormancy are no longer new to the market at this point. These whale wallets usually carry tens of millions to hundreds of millions worth of BTC by the time the owners of the wallet reactivate them. Bitcoins like these were acquired at very low prices but the market uptrend in the past couple of years has turned what were initially thousands of dollars into millions.

This is the case with the most recent bitcoin whale wallet activation that saw hundreds of millions moved from a wallet that has recorded no activity in the past eight years. Now the market speculates what they might do with the BTC.

Bitcoin Whale Wallet Boots Up After 8.1 Years

Whale Alert posted a transaction hash that showed that a whale wallet had been reactivated after spending 8.1 years in dormancy. The wallet was last transacted in 2013 and since then has not had any sort of activity whatsoever. On November 20th, the wallet had its first activity after almost a decade as the holder had moved 1,232.6469 BTC out of the wallet.

Bitcoin account reactivated

πŸ’€πŸ’€πŸ’€πŸ’€πŸ’€πŸ’€πŸ’€ A dormant address containing 1,299 #BTC (77,620,338 USD) has just been activated after 8.1 years (worth 199,962 USD in 2013)!
β€” Whale Alert (@whale_alert) November 20, 2021

The total amount of BTC held in the wallet was 1,299 BTC with an equivalent dollar value of $77.6 million. The amount had been promptly moved out of the wallet, leaving about $66 worth of BTC behind.

Community Speculates The Movement

With $77 million in tow, there have been speculations as to whether the owner of the whale wallet would sell their bitcoin after moving it out. The coins were moved to another private wallet, not an exchange, which means that the holder was not sending off the coins to be sold directly. However, it is important to look at the impact such a sale could have on the market.

A sell order of 1,299 BTC going up on an exchange will no doubt cause panic among investors. The sale could very well see the price of the digital asset dip following such a big order. But given that the BTC held in the wallet was worth less than $200K back in 2013, it is not a stretch to think that the holder may want to cash out gains after holding for almost a decade.

One user compared it to winning the lottery, saying; β€œIf you bought a lottery ticket for under $200,000 and it turns to a $77m jackpot after 8 years, would you sell or not?”

Regardless of the intention of the wallet holder, the price of bitcoin has held up in the market. The price has since recovered although the price had dipped towards $55K going into the weekend.

24 November, 2021, 4:36 pm

News Cinema on twitter News Cinema on facebook

Wednesday, 24th November 2021

More Stories
Meet the men paying Β£70,000 for an excruciating leg-lengthening operation to make them taller
Georgia mom Debbie Collier was murdered in a ‘deliberate and personal’ attack, cops say
Amateur sleuth was convinced Ian Brady arranged victims’ bodies to create Nazi symbol on moors
Stream These Three Great Documentaries
Jan. 6 and Mar-a-Lago Inquiries Converge in Fights Over Executive Privilege
Maurice Kanbar, Who Defuzzed Sweaters and Defanged Vodka, Dies at 93
Slain Paramedic, ‘Mother of the Station,’ Was Near Retirement
Lawrence killer David Norris will be punished after using phone in prison, Justice Secretary warns
Slain Paramedic, ‘Mother of the Station,’ Was Near Retirement
A Couple Tried to Flee Fort Myers Beach. One Didn’t Make It.
White House Restores Arts Commission Dissolved Under Trump
Wreck of World War I German U-boat that sunk a CENTURY ago is found by diver off Virginia’s coast
Withholding College Transcripts for Loan Payment Is ‘Abusive,’ Agency Says
Price of New ALS Treatment Will Be $158,000 Per Year, Maker Says
Fed’s preferred inflation measure remains stubbornly high at 6.2%
Museums Vote to Allow the Sale of Art to Care for Collections
How fat is your US state? Map shows 40% of people in West Virginia and Kentucky are obese
Arrests and Warnings as Iranian Soccer Stars Take Side in Protests
Staffer for Arizona gubernatorial Republican candidate once plotted to have FBI informant KILLED
United Airlines to End Service at JFK Airport
Half of Adults Have Heard Little or Nothing About New Covid Boosters, Survey Finds
Sailor Acquitted of Setting Fire That Destroyed $1.2 Billion Navy Ship
Sleepy Corner of UK’s Pension Industry Forced the Bank of England’s Hand
Jimmy Kimmel offers consolation prize to Blue Jays fan who dropped Aaron Judge’s 61st home run
Star Maestro With Russian Ties to Depart German Orchestra
Officials in Florida say shifting forecasts complicated the timing of evacuation orders.
Man who staged wife’s murder killed her on the day another woman reached out to reveal their affair
House Puts Off Vote to Limit Lawmakers’ Stock Trades, Casting Doubt on Prospects
Bigg Boss 16 Salman Khan Announces First Contestant Abdu Rozik
Inflatable pool turns into a floating life raft as Hurricane Ian floods woman’s house
Dolphins QB Tua Tagovailoa is in ‘good spirits’ after being released from a Cincinnati hospital
Expedition 68 Begins, SpaceX Crew Swap Planned for October
Work From Home Isn’t for Everyone
Hurricane Ian: New photos show scale of destruction in Fort Meyers
Juventus Learns That Progress Requires a Plan
Guardsman, 18, who walked alongside the Queen’s coffin during her funeral procession is found dead
‘The Good House’ Review: Expending Emotional Real Estate
Legends League Cricket: Shane Watson remembers Rajasthan Royals after landing in Jodhpur, says ‘I am back home’
Tamannaah Bhatia Sports A Formal Look In Pant Suit
Barry Hearn spotted touring tiny Cornish parish Trevalga where residents are fighting Β£15.75m sale
Montana teen who had half of his body amputated marks three-year anniversary
Congress Clears Stopgap Spending Bill With $12.3 Billion in Aid to Ukraine