Key Points
- A Bitcoin whale, dormant for 12.4 years, has performed transactions with 400 BTC.
- The whale’s transactions, valued at approximately $27 million, have sparked speculation within the crypto community.
A Bitcoin whale who had been inactive for over a decade has re-emerged, causing ripples in the cryptocurrency world. Whale Alert reported that a wallet containing 400 Bitcoin (BTC) has conducted transactions after 12.4 years of inactivity. This has led to widespread speculation regarding the reasons behind such a considerable move.
Substantial Profit for Bitcoin Whale
This early Bitcoin investor, last seen in action in 2012, moved a portion of their coins to two new addresses. One transaction saw the transfer of 300 BTC, equivalent to roughly $20.4 million. The second transaction involved moving 100 BTC, valued at approximately $7.2 million.
The total value of the 400 BTC transferred from the dormant account is approximately $27 million. In 2012, Bitcoin was trading at $2,149. Comparing this to its current value indicates a potential profit of around $60 million.
The Bitcoin, worth about $27.2 million, was mined in 2012 when Bitcoin mining was relatively straightforward. The emergence of this whale has led to questions about other potential dormant Bitcoin holders. Such moves are often seen as a sign of market turbulence, indicating a potential sell-off and increased pressure. It also serves as a reminder of the unpredictable nature of the crypto market.
Despite these significant transfers, the overall market has remained relatively stable, with Bitcoin maintaining a trading price exceeding $68,000. This stability suggests a cautious approach among investors, who are waiting for further developments before making significant market changes.
At the time of reporting, the price of BTC was trading at $68,642, up 1.5% in the past 24 hours. However, the trading volume decreased by 10.7% within the same timeframe to $30.4 billion. This drop indicates investors’ reluctance to purchase the leading cryptocurrency.
Bitcoin’s Technical Analysis
According to technical analysis, Bitcoin must consistently close above the $68,000 support in the upcoming days to achieve bullish momentum. Bitcoin’s next significant target is $72,000 to have a chance to regain its all-time high achieved earlier this year.
Crypto analyst ZAYK Charts suggests that Bitcoin is on the brink of a 31 percent spike to $85,000. The analyst based his prediction on Bitcoin’s breakout from a bullish flag. Amid this, Microsoft Corporation (NASDAQ: MSFT) has proposed investing in Bitcoin, with shareholders expected to vote in December.
Moreover, Japanese financial and crypto firms are urging regulators to approve Bitcoin exchange-traded Funds (ETFs). They argue that Bitcoin’s long-term stability and high market caps could benefit investors’ asset-building strategies.
With Bitcoin ETFs available to investors in the United States, Australia, and Hong Kong, Japanese investors believe this product can provide more exposure to new financial products overall.
