A Bitcoin wallet which was dormant for almost 10 years has suddenly become active. As per the report shared by Whale Alert, an AI-based tracking platform on blockchain and cryptocurrency, a whale who was in possession of 1128 Bitcoins amounting to roughly $31.6 million has transferred 279 Bitcoins to three new addresses. The account was dormant since 2013 when Bitcoin prices were only $195.
Another Bigger Whale
The news about this recent Bitcoin transfer shocked the crypto community globally. Well, this is not the only instance as a recent report from Whale Alert states that a bigger whale who was in possession of 6071 Bitcoins which is roughly equivalent to $178 was activated after almost 10 years. The whale transferred the Bitcoins to a new address.
The investor bought those Bitcoins in 2013 at a price of $3.3 million. This recent transaction has given the investor almost $175 million in profits over the course of 10 years.
Bitcoin is currently trading at a price of 27,259.42. The prices have fallen roughly 10% after the crash last week. Many analysts believe that Bitcoin is neither bullish nor bearish as they believe it is in a transitional phase.
Not just Bitcoin, several other cryptocurrencies are also showing a phase of decline including Bitcoin’s biggest rival Ethereum. Ethereum tokens also slipped below $1900. Currently, Ethereum is trading at a price of $1861 and has a support level of $1827. Many analysts believe that there is a more bearish trend in Ethereum in the coming years.
The decline of Ethereum’s price is a major factor caused by the massive selloff of staked ETH that took place post the Shanghai upgrade.