Bitcoin Alert: $137 Million Moved By Long-Sleeping Whale, Market Braces For Impact

Samuel Edyme

1 year ago

3 mins read

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Recently, the crypto community witnessed a notable event as a dormant Bitcoin whale, inactive for nearly four years, returned to the market.

According to data from the crypto analytics platform Lookonchain, this enigmatic entity transferred 3,623 BTC, worth roughly $136.94 million, to two newly created wallets.

Market Speculations And Potential Impact

This mysterious investor initially accumulated their Bitcoin holdings at an average cost of $6,889 per unit from October 25, 2018, to December 31, 2019. Initially, the total investment stood at approximately $24.96 million.

However, at present market conditions, this investment has grown significantly and is now estimated to yield around $112 million in profits.

The transaction’s significance extends beyond its sheer magnitude. It is particularly noteworthy for its timing, aligning with Bitcoin’s recent surge to a peak price not seen since May of the previous year, reaching around $38,400 per Bitcoin.

A whale that had been dormant for ~4 years transferred all 3,623 $BTC($136.94M) to 2 new wallets 1 hour ago.

This whale accumulated 3,623 $BTC($24.96M) at ~$6,889 from Oct 25, 2018 to Dec 31, 2019.

At current prices, the profit is ~$112M.https://t.co/QL3fPiV900 pic.twitter.com/wrMe4loIwm

— Lookonchain (@lookonchain) November 30, 2023

The sudden activity of this substantial Bitcoin holder has sparked speculation and discussions within the crypto community. On the X platform, a user pointed out the timing of the whale’s movement as it coincides with Bitcoin’s recent rally to a significant high.

This observation has led to conjectures about the whale’s potential insider knowledge or strategic market insights, especially considering the substantial profit they are currently sitting on.

Notably, the actions of large-scale holders, often dubbed ‘whales,’ can exert considerable influence on the crypto market. A transaction of this magnitude could signal various strategic moves, ranging from portfolio restructuring to preparing for a market exit.

Such movements are closely monitored as they can provide insights into market sentiment and potential trends.

A Closer Look At The Bitcoin Whale’s Strategy

Delving deeper into the whale’s investment strategy reveals a calculated approach to Bitcoin accumulation. The purchase of Bitcoin at an average cost of $6,889 per BTC during the 2018-2019 period indicates a strategic entry during a time when the market was relatively bearish.

The subsequent hold for four years through various market cycles underscores a long-term investment mindset, contrasting with the short-term trading strategies often seen in the crypto space.

The recent awakening of this whale and the transfer of a significant portion of their holdings to new wallets might indicate a shift in strategy. While it’s speculative to predict the whale’s next move, this could involve cashing out on some of their investments or redistributing assets for diversification.

It’s also plausible that the whale is positioning for new investment opportunities within the crypto space, potentially in sectors such as decentralized finance (DeFi) or non-fungible tokens (NFTs).

Regardless, Bitcoin is currently in a downtrend following its climb above $38,000 yesterday. The asset now trades at $37,704, at the time of writing, down by 0.4%.

Bitcoin (BTC) price chart on Tradingview — Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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