Two whale wallets move $3 million in Bitcoin after 13 years of inactivity

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Over $3 million worth of Bitcoin just moved after 13 years of dormancy. Two wallets containing 50 BTC each, mined in 2010, were moved to different wallets.

It is unclear who owns the cryptocurrency, but they are the sixth and seventh whales to have moved large amounts of BTC this year.

The moves come as the price of the biggest digital asset soars on renewed interest from institutional investors. At the time of writing, Bitcoin was up almost 15% in seven days, trading for $30,381, according to CoinGecko.

The term “whales” refers to investors who accumulate huge amounts of Bitcoin and do not touch it for years.

These investors, also known as HODLers, are the top performers. Those who buy BTC and sell it quickly usually lose, while those who buy it and sit in it for years tend to make a profit.

Indeed, Bitcoin is experiencing volatility in the short term, but in the long term, its price has appreciated massively. The largest cryptocurrency by market capitalization in July 2010 was worth a fraction of a penny.

Automated trading tools developer and blockchain analyst Dr. Kirill Kretov previously told Decrypt that Bitcoin mined in 2010 was likely due to computer experts experimenting with the technology, but it’s unclear whether the Bitcoin had since landed in the hands of commercial entities.

“There is this unique spirit of crypto anarchy and tech pioneering behind these older addresses,” Kretov told Decrypt. “It’s like a time machine, and thousands of people are wondering why these bitcoins were transferred now.”

He also mentioned that there is a theory that “elder” whale wallets move BTC to send signals to each other about when it is time to pump the price of the oldest and largest cryptocurrency. of the world.

“There are researchers taking notes on price charts about these revivals, trying to predict the future price,” he said. “Fortunately, I’m not one of them.”

Other whale moves include a holder in April who hadn’t touched his coins in a decade, shuffling $7.8 million worth of BTC to new wallets.

And just last week, a long-term investor moved 50 BTC after 11 years of inactivity to a new wallet.

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