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Inactive Bitcoin whale, previously engaged at $12 per BTC, reactivates and transfers assets to Kraken.
A long-inactive Bitcoin whale has emerged, transferring assets that have remained untouched since 2012.
On Sept. 11, blockchain monitoring service Lookonchain disclosed that three linked addresses moved 137 BTC, valued at approximately $15.6 million, from a total of 955 BTC (around $108 million).
The company noted that a small fraction of the assets, specifically 5 BTC, was directed to Kraken, indicating a possible intention to sell.
Interestingly, the addresses were last active when Bitcoin was priced at merely $12 per coin, resulting in a combined balance worth roughly $10,000 at that time.
However, with the BTC price hovering near $113,000 at the time of reporting, that same reserve is now valued at over $108 million, according to data from CryptoSlate. This signifies an increase of more than 10,000% over just over a decade.
Reemergence of Dormant Bitcoin Wallets
This transaction aligns with a recent pattern of long-dormant Bitcoin wallets becoming active after years of inactivity.
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For reference, CryptoSlate noted that Galaxy Digital conducted a $9 billion Bitcoin sale in July associated with a Satoshi-era holder. Additionally, another whale investor gradually shifted billions from Bitcoin to Ethereum in August, leading to a temporary market dip for the leading cryptocurrency.
Moreover, CryptoQuant analyst JA Maartunn highlighted that these transactions are not isolated incidents, as over 604,000 BTC aged three to five years have been transferred on-chain since March.
Dormant Bitcoin Whale Transfers (Source: CryptoQuant)
This increase in wallet activity represents one of the most notable behavioral changes among long-term Bitcoin holders in recent times. Investors in this group typically endure several market cycles without moving their assets, so their sudden transactions are significant.
In this context, many analysts view the transfers as profit-taking, with holders opting to secure gains as Bitcoin surpasses the $110,000 threshold to reach new highs.
Conversely, others interpret the activity in a different light. They propose that it signifies portfolio rebalancing, with capital being rotated from Bitcoin into Ethereum and select altcoins as institutional interest in cryptocurrency grows.
The post Dormant Bitcoin whale last active at $12 per BTC awakens sending funds to Kraken appeared first on CryptoSlate.
