Amidst the market crash is the idea that many whales could start moving to take advantage and acquire bitcoin or other reputable cryptocurrencies at very low prices.
While there are mixed reactions to the market among enthusiasts and investors, it seems that this effect is inducing some whales that have been dormant for years to also get in motion to take advantage, to some extent, of the current market situation.
BTC whale wakes up after 8 years of inactivity
This is the case of a Bitcoin whale with over 1000 BTC that had been inactive for over 8 years, which apparently today showed some activity and made a movement of capital. The notification was issued by Twitter alert service @Whale_alert, which reported the following:
💤 💤 💤 A dormant address containing 1,000 #BTC (30,395,186 USD) has just been activated after 8.5 years (worth 468,643 USD in 2013)!https://t.co/P9teBUAuY4
— Whale Alert (@whale_alert) May 13, 2022
Interestingly, the 1,000 BTC housed in the wallet dates back to 2013, when those 1,000 bitcoins were worth around $468,640 in total, which would be US$468 per unit. Although the market is currently in a downturn, these bitcoins have appreciated significantly and at press time their aggregate value stands at over $30.39 million.
It is unclear who owns the funds or whether they will go to a crypto exchange. What is known is that the address is registering activity amid a very tense moment for the market in general, in which only Bitcoin and major cryptocurrencies are starting to show slight signs of recovery from such a steep drop that took over 30% off the price of some of the best-known assets, not to mention Terra, which lost over 99% of its value after the events that rocked its network.
Whales move, but not too much
According to a report filed by the CryptoBasic media, this would not be the only whale that has moved recently, because there is also the case of another wallet with more than 1,000 BTC stored for about 12 years, which has also shown signs of activity lately.
From a public point of view, renowned enthusiasts and investors such as Michael Saylor assured that they will stand firm and not choose to sell their BTC, despite the fact that the market drop has resulted in huge losses for their businesses and compromised their business models. The argument is based on the technology employed by bitcoin, which makes this digital currency an excellent store of value compared to many other assets in traditional markets.