Bitcoin Whale Emerges!

A Bitcoin whale moved 2,000 BTC that had been dormant since 2010, but this action had no noticeable effect on Bitcoin's price.

Typically, such large movements can cause market apprehension, yet this time it was completely ignored, suggesting Bitcoin's price is currently independent of such news.

The 2,000 BTC, now worth about $140 million, were mined between August and November 2010, highlighting a significant hold period of 14 years by the whale.

This period was when Bitcoin mining rewarded 50 BTC per block, making it feasible to accumulate large amounts of Bitcoin with less sophisticated equipment.

The owner of the BTC is speculated to be a member of the early cypherpunk community rather than an exchange, given the mining background and the era’s limited exchange activity.

The whale has been active in 2024, moving 5,000 BTC in March alone, worth approximately $350 million, suggesting a pattern of significant transactions without impacting the market or exchange wallets noticeably.

Despite the whale's movements, Bitcoin's price remained relatively stable, lateralizing around $70,000, unaffected by these transactions but influenced by other market events, such as reactions to legal developments involving Coinbase and movements in the US stock market.

The price of Bitcoin had rallied to a new all-time high of $73,800 in early March but has since been trading sideways, with speculation that this trend may continue until at least the end of the month, possibly breaking with significant movements starting next week.