Dormant Bitcoin Whale Moves $25 Million Worth of $BTC After it Appreciated Over 240,000%

A set of dormant Bitcoin ($BTC) from 2023 has recently moved for the first time in 11 years after appreciating by more than 240,000% from the time they went inactive in the ninth transaction this year involving previously dormant BTC.

According to a report from Bitcoin.com, it isn’t currently clear whether the entire cache of BTC that has recently moved belongs to a single entity or to numerous entities, as the funds came from different addresses. Data clustering and acquisition timelines, however, suggest it’s likely a single entity.

The whale’s first transaction involved the movement of 199.99 BTC, worth over $5.4 million, and was followed by a transaction of 185.12 BTC, worth over $5 million. The transactions were made from different wallet addresses, but that notably acquired the fund on February 14, 2012.

The following tranche, secured in July 2012 when bitcoin was priced at a mere $7.15, comprised 97.41 BTC, worth $2.6 million. A subsequent transaction saw the entity moved 276.22 BTC worth over $7.48 million which had been secured on March 6, 2012. A final one was made from an address created on July 20, 2012, and moved 151.15 BTC, worth over $4 million.

The transactions came at a time in which other dormant BTC whales moved a significant amount of funds.

#PeckShieldAlert A dormant #BTC address 13RLtG…PXs, which received ~2,100 $BTC (worth about $11.8M at the time of transfer) on October 19, 2017, moved its $BTC (now worth ~$56.3M) to a new address 1LGnp5…GgM. pic.twitter.com/rchpCTI1va

— PeckShieldAlert (@PeckShieldAlert) September 19, 2023

The transactions are being made at a time in which collapsed cryptocurrency exchange FTX received approval from the U.S. Bankruptcy Court for the District of Delaware to sell and invest its cryptocurrency holdings, valued at over $3 billion, to settle its debt with creditors, leading some analysts to believe the funds will be dumped on the market.

Judge John Dorsey gave the green light, sidestepping two significant earlier concerns against the plan. FTX’s cryptocurrency assets are believed to surpass $3.4 billion.

This ruling grants FTX the permission to trade, stake, and hedge its digital assets. An attorney, on behalf of FTX’s ad hoc committee of customers, supported the motion. Meanwhile, a representative for the unsecured creditors stated that all parties were keen to fast-track the procedure.

Featured image via Pixabay.

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