Bitcoin whale who was dormant wakes up turns 30M into 535M in 5 years

A Bitcoin whale that had been dormant for 5.5 years recently became active on June 11 by transferring 8,000 BTC to a Binance address. This move could potentially result in profits of over $500 million if the coins were to be sold at current prices.

The wallet address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe’ acquired the 8,000 BTC at a dollar-cost average of $3,810, as reported by Lookonchain. This translates to a theoretical $30 million investment made on December 6, 2018.

After being inactive for more than five years, the dormant Bitcoin whale decided to wake up and send its entire balance to Binance. Typically, transferring cryptocurrencies to an exchange indicates a desire to sell or, in this case, to capitalize on a significant profit after five years.

At the time of Lookonchain’s report, the 8,000 BTC was valued at $535 million. The acquisition history of this dormant Bitcoin whale reveals that it first received 6,800 BTC on November 28, 2018, at $3,754 per coin, followed by additional purchases of 1,000 BTC on December 5 and 200 BTC on March 13, 2019.

By moving all the coins, this particular whale’s actions may signal a bearish bias that could impact the overall market sentiment. Analysts have noted high volatility signals ahead of the FOMC meeting and interest rate decision, while Bitcoin’s low network activity suggests a lack of interest in BTC apart from speculative demand through derivatives like futures and ETFs.

Over the weekend, the network experienced all-time high fees of $195 per transaction due to UTXO consolidation operations from OKX, raising concerns about the network’s accessibility. Additionally, macroeconomic challenges pose risks for assets such as cryptocurrencies, stocks, and financial markets.

As of the current press time, Bitcoin is trading at $66,300, nearing its all-time high of $73,805 and significantly higher than when the dormant whale acquired its 8,000 BTC.