Over the past week, Bitcoin whales have accumulated a total of 71,000 BTC worth $4.3 million making the most of BTC price correction.
The Bitcoin whale activity has shot up significantly in recent times with the Bitcoin price surging by more than 5% in the last 24 hours and moving all the way to $63,000. On-chain data shows that a dormant Bitcoin wallet recently woke up after nearly 12 years transferring a massive sum of 1,000 BTC.
Satoshi Era Bitcoin Whale Wakes Up
On-chain data provider Spot On Chain identified that a dormant Bitcoin wallet, identified as “1EhXAfST,” became active just a few hours ago after staying silent for nearly 11.8 years. This dormant wallet has transferred a total of 1,000 BTC, worth a staggering $60 million, to two new wallets.
As per the details, this BTC wallet received these 1,000 BTC nearly 12 years ago in September 2012. Back then, each Bitcoin was trading at $12.06 per BTC, thereby making the total invested value of $12,060. Now, the value of the same Bitcoins has shot up to a staggering $60 million.
This movement probably suggests that the whale could be looking for some profit book as the Bitcoin price recovers back to $63,000. Although the Satoshi Whale has moved 1,000 BTC to other wallets, it’s less likely to impact the Bitcoin price in the near term.
This is because BTC has seen massive accumulation taking place over the past week when the BTC price plummeted to $53,500. In the fastest BTC accumulation since April 2023, the Bitcoin whales scooped a total of 71,000 Bitcoins over the past week worth a staggering $4.3 billion.
Spot ETFs Contribute to BTC Accumulation
Spot Bitcoin ETFs made a pretty solid comeback last week accumulating $1.1 billion worth of BTC. Also, the total BTC holdings by the US Bitcoin ETFs have touched a new all-time high and could surpass 1 million BTC if the accumulation continues at the same pace.
According to CryptoQuant, Bitcoin whales are now accumulating BTC at the fastest rate, measured by a 30-day moving average, since April 2023. This surge in accumulation follows the collapse of several local banks in the US earlier this year.
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