Major cryptocurrency owner moves $ 7 million in bitcoins after 11 years of inactivity

The cryptocurrency whale, whose bitcoin wallet had been inactive for 11 years, suddenly transferred 114 BTC worth $ 7.6 million. The investor’s actions raised questions and concerns in the cryptocurrency community.

on May 19, 2024, the inactive wallet made its first transaction in more than a decade. This movement was detected by blockchain analysts and sparked considerable discussion about the potential implications for the bitcoin market.

Dormant bitcoin wallets are addresses that have not shown any activity for a long time. When these wallets suddenly move large amounts of BTC, it often causes a stir. Analysts typically interpret such events as negative signals, as they may indicate that early adopters or large holders are cashing out their assets.

In the context of recent market trends, the reactivation of this wallet has come at a time when institutional interest in bitcoin is growing. According to CryptoQuant, the increased activity of institutional investors has led to fluctuations in previously inactive crypto addresses.

This trend suggests that large holdings are becoming more active, possibly in response to changing market conditions or new regulatory changes.

However, Javier Bastardo, Bitcoin Ambassador at Bitfinex, believes that the activities of the sleeping bitcoin whale will not have a significant impact on the market. «I don’t think this is a significant movement that will affect the price of BTC. However, it is important for users to understand that there are a significant number of long-term investors who are willing to hold their positions in BTC for years,» Bastardo said in an interview with BeInCrypto.

As a reminder, the crypto market has shown significant growth due to the increased chances of approval of Ethereum’s spot exchange-traded funds. Bitcoin even came close to reaching its historical highs.