Bitcoin Whales and Dormant Addresses Move Funds

Over the last few days, we have seen how some Bitcoin (BTC) whales and dormant addresses have been moving their funds after years without moving. The Twitter handle Whale Alert informed about a dormant address that moved 310 BTC after 9.7 years without giving any signs of being active. 

Another cryptocurrency whale that held 900 BTC from 2012 moved its funds to hundreds of wallets in order to keep anonymous. Perhaps, some of these funds will now be withdrawn by this person or sent to exchanges. 

Bitcoin Whales Move Funds After Years Inactive

Bitcoin whales appeared to have woken up after several years without signs of activity. Two Bitcoin wallets moved 310 BTC and 900 BTC worth $11,381,500 and $33,180,000, respectively. These whales show that several Bitcoin holders from many years ago are using this possibility to sell their BTC after the massive appreciation they had. 

It is very common to see old wallets that never moved before suddenly make a transfer of BTC. At the same time, it is important to mention that some of these Bitcoin wallets do not seem to be associated with crypto exchanges or businesses. Instead, they could simply belong to a person that got access to Bitcoin during the early days. 

One of the main questions that users make is what would happen once the real Satoshi uses his wallet. Some analyses suggest that Satoshi has more than 1 million BTC stored in different addresses. If this wallet moves, we could see the market moving downwards. If a person or whale wants to withdraw large amounts of Bitcoin, this could definitely have a negative impact in the market. 

However, Satoshi Nakamoto might not sell his coins considering that first, he invented the virtual currency to take away power from governments, and second, would he trust dollars rather than BTC?

Nonetheless, it is clear that Bitcoin whales and users that were using Bitcoin many years ago want to get access to their coins and eventually sell a portion of these coins. It is very common to see that after a few months a whale decides to move the coins it held for a long period of time. In some cases, there are whales that hold hundreds and even thousands of BTC from when it was still easy to get them or mine Bitcoin.

Via: 2Usethebitcoin.com

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