The cryptocurrency market got rattled by the “whistling calls” of two dormant Bitcoin (BTC) wallets, untouched for over a decade, which suddenly came back to life. The dormant accounts have a total holding of 1,000 BTC before their long slumber.
Whales’ Bitcoin Valued at Over $60 Million
As per data from Lookonchain, these wallets have remained inactive for precisely 10.7 years before springing back into action. The wallets, identified as “16vRqA” and “1DUJuH,” were last active in September 2013.
However, within a mere 20-minute window of being active, the duo transferred their holdings of 1,000 BTC, currently valued at a staggering $60.9 million. In 2013, each wallet initially received 500 BTC deposits when Bitcoin was priced at a modest $124 per coin.
2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.
Wallet"16vRqA" received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.
Wallet"1DUJuH" received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5
— Lookonchain (@lookonchain) May 12, 2024
Having slumbered for a decade, Bitcoin has since experienced an extraordinary surge in value. With Bitcoin’s current price, the wallets boast an astonishing profit margin of 49,274.2%, translating to a remarkable windfall of $60.8 million over the years.
The move is reminiscent of a dormant Satoshi-era Bitcoin wallet that recently made a grand comeback. The whale wallet holding 687 BTC valued at approximately $43.9 million transferred its holdings to two separate addresses on May 6.
Speculations Trail Bitcoin Whale Activity
The unexpected reactivation of these long-dormant BTC whales has electrified the crypto space with different speculations. Analysts and enthusiasts alike are pondering the significance of this move, with many suggesting that it could signal a notable shift in market sentiment.
Characteristically, the emergence of long-dormant Bitcoin holders is interpreted as a bearish signal. It hints at a potential sell-off to secure profits. However, these ancient wallets have left the market on edge as they did not sell.
The two dormant whales intriguingly opted to transfer their assets to undisclosed wallets, leaving their motives shrouded in mystery. If they had sold, the profit margin would equal about $6 million per year of slumber.
Crypto-Vanguard reported Twitter Founder and former CEO Jack Dorsey’s projection on Bitcoin recently. Dorsey believes that Bitcoin has the community to print a $1 million price valuation soon. Some analysts say if the transfer made by the whales is left for another decade, or six years, going by Dorsey’s projection, the profits will be massive.