A whale that had been dormant for nine years decided to wake up this week and withdraw US$32.2 million in bitcoin.
According to Whale Alert, a tracking service that reports the biggest market movements, the funds left the wallet on past Tuesday 1st June 2021 and were scattered to hundreds of addresses, likely a way for the whale to hide its identity.
Therefore, it is not possible to say that the bitcoins were sold on an exchange or transferred to a safer cold wallet.
Blockchain data show that the whale received 900 BTC in August 2012, when bitcoin was worth about US$13.50. Nine years later, the asset is trading at US$35,700, which means a 265,000% appreciation in the period.
By keeping the cryptocurrencies in the wallet, the whale’s funds, which at the time were no more than US$12,000, are now valued at $32.2 million.
Despite impressive growth, cryptocurrencies were moved as the price of bitcoin is still 44% below the historic high of $64,800 reached in April.
According to the Daily HODL, the portfolio has no known links with any cryptocurrency institution, exchange, or known investors in the market.
In addition, the year the first transaction was made and the pattern of behavior in subsequent years indicate that it may be a forgotten wallet by some of the first bitcoin holders.
Although no funds have been taken by the whale so far, small amounts of BTC have been sent to the address in recent years, probably from dusting attacks, or sweeping attacks.
In this offensive, hackers try to break the privacy of large bitcoin wallets by sending small amounts of tokens that are then tracked to get at the identity of the person or institution behind the address.