A Bitcoin (BTC) address inactive since before the 2017 high has suddenly become active after nearly six years. According to the BitInfoCharts website, the address has around 2,100 Bitcoins, which corresponds to R$276 million at the current exchange rate. And, this week, the whale moved all this money.
This significant increase in value raises the possibility that the owner is preparing for a future event, such as a major sale. But he may also have reallocated the value to another network or planned a reinvestment.
Awakening in Bitcoin’s bearishness
Blockchain intelligence company PeckShield revealed through a message on X that the address, which begins with the initials “13RLtG”, made a big move. According to data from BitInfoCharts, this address received the Bitcoins on October 19, 2017, when the total value was approximately US$11.8 million (R$59 million).
At that time, Bitcoin was not yet at its all-time high, which would only occur in December 2017. Since then, the total value has risen to approximately US$56.3 million, which is approximately R$276 million. The owner of the address transferred his Bitcoins to a new wallet, starting at “1LGnp5”.
The movement of funds generally does not arouse suspicion, as it almost always represents a change of address or transactions between exchanges. However, the fact that it is an old address, and the movement takes place in a period when there are no significant movements, injects an element of intrigue and enthusiasm for investors.
Deciding to spend or move Bitcoin in inactive wallets can be complex. Most of the time it is an individual decision and there is no way to guess the reasons. For example, a significant increase in the value of Bitcoin may motivate investors to sell or trade BTC to make profits.
Bitcoin has been trading below $30,000 for almost a year now, except on a few brief occasions. But as the address is old, these Bitcoins are making a significant profit. Therefore, the investor may want to spend to earn profits, fearing further devaluations.
Changes in financial needs, concerns about wallet security, or the desire for a more secure storage method are some of the other factors that may also motivate the movement of these assets.
Several dormant addresses have awakened in recent months, including one that had been inactive for over ten years. This wallet transferred more than $30 million worth of Bitcoin to another address.