A Bitcoin whale, dormant since 2020, reawakened to move 5,000 BTC from wallet address 1LH1dy. The funds were moved to two new addresses, according to on-chain data provider Arkham Intelligence.
The whale received the BTC from Bitcoin mining pool Poolin in June 2020. At the time, the Bitcoin’s price was $9,700 and the value of the transaction $48.5 million.
However, since the pool transfer, the price of Bitcoin has risen significantly. At press time, the price of Bitcoin is $27,900, making the whale’s holdings worth about $137 million.
On-chain data shows the whale transferred 4,000 BTC to one address and 1,000 BTC to a second address. Both wallet addresses are new and have not been labelled.
Since the beginning of the year, large holders have moved 10,000 coins from wallets inactive since 2012 and 2013.
Large whale movements have historically been considered bearish, as it could mean crypto holders are selling assets. But in some cases, holders simply move their assets to new addresses before distributing them further.
On-chain analytics platform Glassnode said the likelihood of Bitcoin holders selling their holdings diminishes after 155 days. Recent research from the company said the amount of BTC held by large holders is increasing by 100,000 per month.