Two Bitcoin “whales” – people or entities holding large amounts of Bitcoin – recently woke up from a long slumber, moving millions of dollars worth of the cryptocurrency after holding it for over a decade.
Whale #1: A 7,000% Return
The first whale moved 174 Bitcoin, worth about $10.16 million, to an unknown wallet. This Bitcoin had been untouched since January 2014, when it was worth a mere $142,600. That’s a return of over 7,000% in ten years!
While the whale had received tiny amounts of Bitcoin over the years, these were likely “dusting attacks.” These attacks involve hackers sending tiny amounts of cryptocurrency to many wallets, hoping to track the wallets’ activity and identify their owners.
Whale #2: A $1 Million Move
The second whale moved 18.67 Bitcoin, worth $1.09 million, to Coinbase. This Bitcoin had been dormant since April 2014, when it was worth just $9,204.
Bitcoin on the Rise
Bitcoin is currently trading at around $59,244, up over 3% in the past 24 hours. It’s unclear why these whales decided to move their Bitcoin after so long, but their actions could be a sign of increasing confidence in the cryptocurrency market.
Remember: This is not financial advice. Do your own research before investing in Bitcoin or any other cryptocurrency.
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