Bitcoin Whale Holding $6.9M Worth of BTC Stirs After 12-Year Slumber

As tracked by Whale Alert, the unidentified investor first purchased 119 BTC for just $599 in 2012

A Bitcoin whale that has been sleeping for over a decade has finally awoken, making two large on-chain transactions.

The wallet, which was first activated in 2012, received 119 BTC for a total of $599 at the time. After sitting idle for over 12 years, the address finally made two large transfers on Friday.

According to data from Mempool, the first transfer occurred at 7:11 am UTC, moving 76 BTC (around $4.3 million) to another unknown address. The second transfer, which took place at 8:55 a.m. UTC, involved the remaining 43 BTC (approximately $2.6 million).

The last time the wallet was active before waking up today was on February 28, 2012, when it sent 2.98 BTC (around $15 at the time) to another address. The identity of the wallet's owner and the purpose of these transfers are still unknown.

However, based on the available on-chain data, it appears that the individual is consolidating the 119 BTC in a new wallet address.

This isn't the first time a Bitcoin whale has reawakened after a prolonged period of dormancy.

Earlier this month, Whale Alert reported on the first activation of a Bitcoin address holding $2.1 million in BTC after 13 years.

The address received 100 BTC in 2009, which were later moved to a new address on July 13, 2024.

Bitcoin's price has been experiencing a downturn, falling to prices not seen since early May. The world's largest and oldest cryptocurrency briefly recovered on Friday, rising above $57,585, but is still down 4.3% over the past 24 hours.

The sell-off comes as wallets belonging to the defunct crypto exchange Mt. Gox stirred for the first time in a month and the German Federal Criminal Police Office moved BTC valued at around $75 million to exchanges, including Bitstamp, Coinbase, and Kraken.

Meanwhile, some traders are anticipating panic-selling now that Bitcoin's price has dropped below the crucial 200-day simple moving average (SMA), a widely used technical indicator for assessing long-term trends.

However, CryptoQuant founder and CEO Ki Young Ju highlights that this cycle is different due to spot ETFs now comprising over a quarter of total spot trading volumes.

"New money this time is more mature than ever, and I believe there’s still much more mature money to come," he wrote in a post on X.

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