A long-dormant Bitcoin whale has seemingly resurfaced after nearly 11 years and has now moved 1,000 BTC worth nearly $61 million to new cryptocurrency wallets, at a time in which the price of the cryptocurrency started recovering.
According on-chain analysis service Lookonchain, the whale made two transactions after being inactive for 10.7 years, moving funds from two wallets that received 500 BTC each back in September 2013, when Bitcoin was trading at just $124 per coin.
In total, the whale received $124,000 worth of the flagship cryptocurrency and remained dormant since then, allowing the price of BTC to appreciate around 50,000% to now trade at $63,000 per coin, which the whale moved to two new addresses.
The whale’s movements come at a time in which the price of the flagship cryptocurrency has been seemingly stuck in a range between the $59,000 and the $67,000 marks over the past month, after dropping from an all-time high of over $73,000 earlier this year over the launch of spot Bitcoin exchange-traded funds in the US.
As CryptoGlobe reported, Wall Street behemoth Susquehanna International Group, known for its vast trading volume across global financial products, has significantly increased its exposure to the flagship cryptocurrency Bitcoin, amassing a $1.2 billion position on it in Q1 2024.
According to a recent 13-HR filing with the U.S. Securities and Exchange Commission (SEC), Susquehanna International now holds a massive17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), valued at roughly $1.09 billion as of March 31, as well as 1,349,414 shares of Fidelity’s spot Bitcoin ETF (FBTC), valued at approximately $83.74 million.
Featured image via Pixabay.
