An old whale from 2012 decided to move 740 bitcoins worth around 26 million dollars on July 12, 2021. These coins were at the disposal of this person for 9 years. When this whale acquired 740 bitcoins, the value of these was around $3700. These tokens were acquired on May 31, 2012.
740 Sleeping Bitcoins Moved by an Old School Whale
The bitcoin community noticed a movement of 740 bitcoins by an old school whale who decided to move them after nine years. On May 31, 2012, the whale acquired these bitcoins and kept them for approximately 3330 days. The initial movement on this address was noticed in the spring of 2012, and after that, there were small increments in the wallet until now when a huge movement of 740 bitcoins happened via the same address.
At the time of acquiring these bitcoins, the value of bitcoin per token was $5 per bitcoin, and when the transfer happened on Monday, the total stash was worth around $26 million.
Whale-alert.io noticed and informed the bitcoin community about this movement. It stated on Twitter that an address containing 791 bitcoins just activated after nine years and one month. &40 bitcoins were transferred from this address; 640 of them were transferred to one address, while the remaining 100 tokens were transferred to a different address.
Moreover, it was noticed by the Blockchain’s Privacy-o-meter that the transaction hash indicates that the transfer happened with a low privacy score ratings, which were 4/10. After the initial transfer of the coin to two different addresses, they were later transferred to several different bitcoin accounts.
More Old Whales Emerged in 2021
One of the satisfying hobbies of the bitcoiners is to watch the old-school whales transfer their stash in recent times. For instance, it was reported on June 9 that a mystery whale who sat idle for over ten years transferred more than 10,000 bitcoins.
There are several reports that many people mined bitcoin at the time of its creation along with its inventor Satoshi Nakamoto. In 2021 more and more whales seem to emerge because this year has proved to be a unique year in terms of the market value of bitcoin per token. First, the bitcoin community noticed at the beginning of 2021 that it reached its highest value of around $64,000 per token. Many notable companies and organizations mentioned bitcoin, such as Tesla, who then announced that people could make payments through bitcoin for its electric cars.
At that time, the price of bitcoin went skyrocketing. However, a few months later, Elon Musk announced that the company wouldn’t be accepting bitcoin payments anymore, citing environmental issues. Because of this, bitcoin dropped down within a few days from $64000 to $35,000. Many experts started to speculate about the future of the cryptocurrency as some were saying that the value of bitcoin will go further low, and some were predicting that it will reach new heights by the end of 2021. So, this unpredictability of the bitcoin market could be the reason that old whales have started to emerge and move their bitcoins.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.