Long-dormant Bitcoin Whales Stirring: What Could This Mean for Crypto Investors?
In recent news, Lookonchain, a blockchain analytics firm, has reported that several Bitcoin whales that have been dormant for many years have suddenly woken up. According to the tweet, three whales with a total of 8,199 BTC, which is equivalent to $225 million, have come to life in just five days.
One of the whales that have been inactive for 12 years is a giant with 79,957 BTC, which is equivalent to a staggering $2.19 billion. The price when this whale received BTC was a mere $0.93. This news has sent shockwaves across the crypto world, as it highlights the potential impact of long-dormant whales on the market.
Some $BTC whales that have been dormant for many years have woken up recently.
3 whales with 8,199 $BTC ($225M) have woken up in just 5 days.
And the giant whale with 79,957 $BTC ($2.19B) has been dormant for 12 years, the price when he received $BTC was only $0.93. pic.twitter.com/2MZPDc8UuW
— Lookonchain (@lookonchain) April 25, 2023
For those who are new to the term, Bitcoin whales are individuals or entities that own a significant amount of Bitcoin. These entities have the power to manipulate the market due to their vast holdings. Whales can influence the price of Bitcoin by buying or selling large amounts of BTC in one go.
The sudden activity of these dormant whales is significant, as it suggests that these entities may be preparing to make significant moves in the market. It’s possible that they could be preparing to sell off their holdings, which could potentially impact the price of Bitcoin.
The price of Bitcoin has been quite volatile in recent times, with the market experiencing a sharp decline in May 2021. However, Bitcoin has shown remarkable resilience, and the price has since recovered. The sudden activity of these dormant whales could potentially lead to another market downturn, as their selling could create a sudden influx of Bitcoin into the market.
On the other hand, these dormant whales could also be preparing to buy more Bitcoin, indicating that they have confidence in the long-term potential of the cryptocurrency. This would be a positive sign for the market, as it would indicate that there are still investors who believe in the value of Bitcoin.
The activity of these dormant whales is a reminder of the impact that these entities can have on the market. As the cryptocurrency market continues to mature, it will be interesting to see how these whales continue to influence the market and how investors respond to their moves.
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