Dormant Bitcoin whale awakes, turns $30M into $535M in 5 years

A 5.5-year dormant Bitcoin (BTC) whale became active on June 11, moving 8,000 BTC to a Binance address. This Bitcoin investor would realize over $500 million in profits if selling these coins at current prices.

Notably, the Bitcoin wallet address ‘1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe‘ acquired the 8,000 BTC at a dollar-cost average of $3,810, Lookonchain reported. This would result in a theoretical $30 million investment that the page says occurred on December 6, 2018.

As developed, the dormant Bitcoin whale woke up after 5.5 years and sent the whole balance to Binance. Usually, sending cryptocurrencies to an exchange shows an intention to sell or, in this case, to realize a 5-year profit.

1FMbcnYvvccZ6hR324cFRpn1QX9TCkqtAe balance history. Source: Santiment

Moving all the coins now signals a bearish bias from this particular whale, which could affect overall market perception.

Analysts have spotted high volatility signals for this week, ahead of the FOMC meeting and interest rate decision, while Bitcoin’s low network activity measured by on-chain transactions volume and spot trading volume has also suggested a lack of interest in BTC besides the speculative demand through derivatives like futures and exchange-traded funds (ETFs).

Interestingly, the network saw all-time high fees of $195 per transaction due to UTXO consolidation operations from OKX this weekend. This has raised concerns about the network’s accessibility while macroeconomics imposes a challenge for risk assets, including for the cryptocurrency, stock, and finance markets.

In closing, Bitcoin trades at $66,300 by press time, close to its all-time high of $73,805 and 20 times higher than when the dormant whale acquired its 8,000 BTC.