Crypto News: On Friday, a crypto whale that has been dormant for the past ten years transferred 279 Bitcoins, which are currently worth 7.8 million dollars, to three new addresses. The on-chain research platform Lookonchain reports that the wallet was credited with a total of 1,128 Bitcoins in the months of October 2012 and May 2013. When those transactions took place, the price of one Bitcoin was roughly around $12 and $195 respectively.

Dormant Bitcoin Wallet Moves 279 BTC

Taking into account the price of Bitcoin at the time of writing, the amount of Bitcoin that is stored in the crypto wallet would translate to be around roughly 31 million USD. This comes on the heels of another bitcoin whale transferring 2,071.5 BTC yesterday — which is equivalent to 60.7 million USD — after a lengthy nine-year hiatus.

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While many fear an incoming BTC dump due to such developments, most of the transactions have been made to other standalone Bitcoin wallets rather than crypto exchanges.

Reason Behind Reawakening?

Although the fact that the cause for the move is unknown, there is widespread conjecture that some long-time crypto HODLers are moving old funds to new wallet addresses in the midst of a massive wallet-draining operation that is purportedly targeting old wallets. On the other hand, some users opine it to be a normal movement of funds to wallets like hardware wallets which tend to offer greater security.

On Friday, the price of Bitcoin dipped below $28,000 for a short period of time as the broader crypto market continued its decline for three consecutive days. In the wake of this crypto news, Bitcoin’s price is currently exchanging hands at $28,110 which represents a drop of 1.15% over the past 24 hours in comparison to a loss of 6.87% recorded over the past seven days.

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.