A wealthy individual in the crypto world is gaining attention for suddenly moving millions of dollars worth of Bitcoin from a dormant wallet. Blockchain tracking firm Lookonchain revealed that this investor completely emptied their wallet, which had held 687.33 Bitcoin for over a decade. The wallet had been inactive for 10.3 years before the transfer occurred on May 6th. The whale originally received 687.33 BTC, equivalent to $630,000 at the time, on January 12th, 2014, when the price of Bitcoin was $917. The wallet’s address is 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G.
Meanwhile, CryptoQuant CEO Ki Young Ju stated last month that newer crypto whales are accumulating almost twice as much Bitcoin as long-term holders. Ju also noted that old Bitcoin tokens are being transferred to new holders as the average dormancy rate of Bitcoin recently reached a 13-year high.
At the time of writing, Bitcoin is trading at $63,835, experiencing a slight decrease in the past 24 hours.
Additionally, Lookonchain has identified another whale who is sitting on significant profits after purchasing a large amount of Ethereum last year. According to the on-chain monitoring platform, this investor has started selling some of their Ethereum holdings. The whale withdrew 12,906 ETH, worth $24.39 million, from Binance at a price of $1,890 a year ago and deposited it into Lido. On April 30th, they withdrew 7,000 ETH from Lido and deposited it into Binance on May 6th, taking advantage of the market drop. Their profit on Ethereum exceeds $16 million.
Ethereum is currently trading at $3,083, experiencing a 1.6% decrease in the last 24 hours.
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