Following the transfer of $60 million worth of bitcoins on April 19, after more than nine years of dormancy, another whale has made its move. The whale, who acquired 1,129 bitcoins in 2012 and 2013, has transferred 464 bitcoins worth $13 million for the first time in nine years.
464 Bitcoin Move From an Old 2012-2013 Stash
The price of bitcoin has fallen below the $29K zone and is struggling to hold above the $28K region. On Wednesday, a mysterious bitcoin whale transferred 2,071.5 bitcoins worth $60 million at the time of the transaction. This large stash of coins is associated with the Mt Gox saga and a strange bitcoin address (1McUC) that was linked to two significantly large BTC transfers last year.
At 8:19 a.m. Eastern Time on April 21, the Twitter account @lookonchain tweeted about a new whale that sent old bitcoins dating back to 2012 and 2013. “The whale received [1,129 bitcoin] in October 2012 and May 2013, when prices were $12 and $195,” the social media account said. In response to the tweet, one individual speculated that it was “[probably an] OG Silk Road vendor just released.”
Following the transfer of 278.89 BTC by the aforementioned address and the subsequent tweet by the social media account, the address “12At4” sent another 184.23 BTC. So far, the address that once held 1,129 bitcoin has sent a total of 464 BTC worth $13 million at current bitcoin exchange rates. Bitcoin blockchain parsers have been detecting old whales moving dormant coins for years, but statistics from Btcparser.com show that older bitcoins born in 2009, 2010, and 2011 are becoming rare spends.
According to Btcparser.com and further research, a significant number of older Bitcoin transactions have come from 2016 and 2017 in the past few months. The last known transactions from 2009 occurred just over a year ago on April 7 and 8, 2022, when around five Bitcoin block rewards mined in 2009 were spent in a series of transfers. Prior to that, the last time a 2009 block reward was spent was on March 20, 2020, which was nine days after the infamous “Black Thursday” event.
At the time of writing, the “12At4” bitcoin address still holds 665.65 BTC and the owner’s corresponding bitcoin cash (BCH) address still holds approximately 1,128.77 BCH.
What do you think these recent moves by old bitcoin whales mean for the future of the cryptocurrency market? Share your thoughts and opinions in the comments section below.