Two Bitcoin (CRYPTO: BTC) investors, dormant for over a decade, moved roughly $325 million worth of the asset on Monday, sparking intrigue in the cryptocurrency community.
What Happened: According to on-chain tracker Spot On Chain, the first whale moved 2,343 BTC, worth $222.2 million, to a new wallet after 10.5 years of inactivity. The second whale resurfaced after more than 11 years, shifting 1,079 Bitcoin, worth approximately $102.5 million.
Dormant wallets, especially those holding large amounts of Bitcoin, are often tied to early adopters or miners who bought into the asset when it was just a fraction of today’s price.
These moves could be motivated by recovered keys, ownership changes or long-term holders looking to cash out after years of HODLing.
Why It Matters: This massive movement of Bitcoin comes at a time when the cryptocurrency market is experiencing a period of relative stability. The apex coin consolidated between $94,000 and $95,000 on Monday, following a pullback from $97,000.
That said, analysts voiced optimism about its long-term outlook. Macro expert Raoul Pal predicted that Bitcoin and cryptocurrency markets are entering the second leg of a steep, liquidity-driven bull phase, which he described as the “banana zone.” He believed that Bitcoin could hit $450,000.
Price Action: At the time of writing, Bitcoin was exchanging hands at $94,445.59, down 0.23% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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