Bitcoin whales have reawakened after 14 years of patiently holding the world’s first cryptocurrency, transferring billions of dollars worth of the world’s largest cryptocurrency.
A Bitcoin wallet “12tLs” transferred 10,000 Bitcoin (BTC) worth over $1 billion after 14 years of holding the assets on Thursday.
The mysterious whale initially received the 10,000 BTC on April 3, 2011, when Bitcoin traded for around $0.78 a coin, according to blockchain data shared by Lookonchain in a July 4 X post.
Hours later, two other whale addresses — “bc1qm” and “1GcCK” — also awoke after 14 years of dormancy, each transferring 10,000 BTC, BitinfoCharts data shows.
The whales have held their BTC for 14 years, a more than 13 million percent increase, TradingView data shows.
Some cryptocurrency traders monitor whale transaction patterns as a gauge for institutional Bitcoin demand and short-term price action due to the potentially market-moving amount of capital transferred.
Related: Bitcoin treasury trend is new altseason for crypto speculators: Adam Back
The transfers follow a recent trend of long-term holders cashing in. Around two weeks ago, another savvy investor realized a nearly $30 million profit after holding their Bitcoin stash since 2013 and realizing a 496-fold return on their $60,000 initial investment, Cointelegraph reported on June 23.
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Public companies continue Bitcoin accumulation, as BTC rides on S&P 500 all-time high
While some early investors are taking profits, others continue to accumulate Bitcoin.
At least 255 companies are now holding a total of 3.47 million Bitcoin on their balance sheets — around 3.97% of the total supply — up from 124 just weeks ago, according to BitcoinTreasuries.NET.
Meanwhile, the S&P 500 and Nasdaq indexes rose to new all-time highs on Thursday, fueled by optimism after a better-than-expected US jobs report reinforced investor confidence in the US economy.
“Bitcoin is closely tracking equity performance and stands poised to follow equities to new highs,” Ruslan Lienkha, chief of markets at Cyprus-based crypto fintech firm YouHodler, told Cointelegraph, adding:
“A decisive push above its current consolidation range could see BTC retesting and surpassing its previous all-time high in the near term.”
Still, some analysts predict that Bitcoin’s price will remain capped below $112,000 in the absence of new buyers and the lack of retail interest for the world’s first cryptocurrency, Cointelegraph reported on Thursday.
Magazine: History suggests Bitcoin taps $330K, crypto ETF odds hit 90%: Hodler’s Digest, June 15 – 21
