A long-dormant Bitcoin whale has resurfaced after 10 years, amassing an astounding profit of around $38 million.
The transaction was reported by on-chain analysis firm LookIntoChain on Twitter, providing a glimpse into the intriguing world of cryptocurrency whales. As per the Thursday tweet, the dormant whale, who had remained inactive for over a decade, initiated a transfer of 1,432.93 BTC, equivalent to $37.8 million, to a new address labelled “bc1psv.”
The impressive nature of this transaction lies not only in the substantial profit but also in the lengthy period of inactivity. According to the tweet, the whale received these 1,432.92 BTC on April 9, 2013, when the price of Bitcoin was a mere $195.4.
This event adds to similar instances where long-dormant whales resurface and make substantial moves within the cryptocurrency market. In April, another dormant whale transferred 400 BTC, valued at nearly $11 million, after a sleep of nearly 12 years. In February of this year, an old Bitcoin address that had remained untouched for 11 years initiated a transaction, moving $9.6 million worth of the cryptocurrency. Mid last month, another whale holding 311 bitcoins since June 2011 woke up, transferring the coins to a new Segwit address
The emergence of these whales after extended periods of dormancy raises questions about their motivations and overall strategy. While some experts believe these movements signify profit-taking or strategic portfolio reallocations, others suggest that these whales may seek to drive the market, capitalizing on opportunities to acquire undervalued coins.
Regardless of their intentions, these events emphasize the significance of long-term investment strategies in cryptocurrency, with substantial profits often realized by those who patiently hold their assets.
Notably, cryptocurrency whales, particularly those who have held Bitcoin for extended periods, have been among the most successful investors in the market. Bitcoin’s remarkable growth of over 29,000,000 percent in the past 10 years is a testament to the potential returns garnered by those who have demonstrated a long-term investment approach. Moreover, research indicates that inexperienced retail investors who engage in short-term trading tend to fare less favourably than those who adopt a patient, long-term perspective.
That said, as the cryptocurrency market continues to evolve, it is anticipated that similar instances of dormant whale awakening will continue to emerge, shaping the history of Bitcoin and fueling curiosity and interest in crypto.