Dormant whale awakens after 8 years, moves $250m worth of Bitcoin: Arkham

A Long-Mortier Bitcoin portfolio suddenly woke up after eight years of inactivity. According to the Arkham Intelligence blockchain analysis company, the whale has moved more than $ 250 million in Bitcoin.

Transactions have been executed in the last 16 hours and show that the value of assets is appreciated by approximately $ 3 million at the start of 2017 to more than $ 250 million today. Before yesterday’s transfers, the wallet had maintained its bitcoin (BTC) in a single address for more than eight years.

The transactions, visible on the Arkham surveillance dashboard, show the funds moving between several portfolios labeled like addresses “250m BTC Whale”.

More specifically, transactions took place in two lots about 14 to 16 hours ago, each transfer involving around 3,000 BTC worth around $ 252 million per transfer.

Whale bought Bitcoin when it was about $ 1,000

According to the history of transactions, Bitcoin was originally bought around 2016, when BTC exchanged at around $ 1,000 or less.

Before these recent movements, the latest transactions of these portfolios occurred about 8 years ago, as shown by the horodatages of Arkham data – the 2016 first transactions show the accumulation of bitcoin when cryptocurrency was less precious.

The awakening of dormant wallets from previous years of Bitcoin has become increasingly rare. These events offer an overview of the creation of major wealth experienced by the first adopters who maintained their assets through several market cycles.

While some long -term holders retain their Bitcoin positions, industry experts struggle if the traditional Bitcoin market cycle at four years will be maintained in the future. Tomas Greif, chief of product and strategy at Brains, recently questioned the sustainability of these cycles:

“Is the 4-year-old bitcoin cycle died of 4 years? At first, halvings had a major offer of supply. But as the majority of the BTC was exploited, their effect is shrinking. In some halvings, they will have a negligible effect on the supply,” noted Greif.

He suggests that if historical models can continue as a “self-fulfilling prophecy”, the fundamental impact of halvings on Bitcoin’s offer disappears with each cycle. Greif has stressed that hacks will continue to affect the Bitcoin mining economy, whatever the market cycles.