Bitcoin Whale Activates 3,000 BTC Worth Over $83 Million After Six Years of Inactivity, Reveals On-Chain Data

A Cryptic Bitcoin Whale Surfaces, Transferring 3,000 BTC Valued at Over $80 Million, Breaking Six Years of Dormancy.

Information provided by blockchain tracking firm Arkham Intelligence reveals that this particular whale initiated its accumulation journey back in 2016, acquiring 3,301 BTC in May of that year.

Subsequently, in September 2017, during a period when Bitcoin had surged by over 10 times its value, the entity divested 200 BTC. Following this, the entity remained dormant, refraining from any buying or selling activities until earlier this week when it chose to redistribute its BTC across two new addresses.

The wallet's value had once surpassed $200 million, but the recent transaction has reduced its balance to nearly zero.

Source: Arkham Intelligence

As per on-chain data, the whale chose to transfer its holdings to two newly generated addresses, and the reasons behind this move remain undisclosed.

Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, recently pointed out that Bitcoin whales seemed to be adopting a 'risk-on mode.' He referred to the 'interexchange flow pulse,' an indicator that gauges the cumulative net flows between crypto exchange Coinbase and derivative exchanges over a one-year period.

When this metric surges, it signifies that investors are transferring more Bitcoin from spot exchanges to derivative platforms, indicating their increased willingness to take on additional risk.

Ju raised an intriguing question, 'What data will change drastically if the bull run starts? Interexchange Flow Pulse: Will a 'risk-on' attitude return to the crypto market in 2023?

Source: Ki Young Ju/X

Oct 11, 2023

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