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Bitcoin whale reactivates after seven years, moving BTC worth $82.3M

EditorHari G
Published 10/10/2023, 09:31 AM
© Reuters.

A Bitcoin investor, dormant since May 2016, reactivated on Tuesday, transferring 2,995 BTC ($82.3 million) to two new addresses. The movement of these funds is the latest in a series of significant transactions from previously inactive Bitcoin addresses.

This recent activity follows a transfer of 5,000 BTC ($140 million) from an address that had been inactive for three years. Additionally, an address believed to be from the Nakamoto era recently transferred 1,005 BTC ($29.7 million).

Earlier this year, substantial transfers were also recorded. In September and January, Bitcoin addresses that had been dormant for extended periods moved 2,100 BTC ($56.3 million) and 15,000 BTC ($252.5 million), respectively.

As of Tuesday, Bitcoin's price stands at $27,595, marking a slight increase of 1.1% over the past 24 hours. The cryptocurrency's trading volume has reached $11.98 billion. According to data from CoinGecko, Bitcoin's market cap is currently valued at $538.38 billion.

These large-scale movements from dormant addresses into active ones are part of a broader trend in the Bitcoin market. However, the implications of these transactions on the overall cryptocurrency market remain to be seen.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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