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An astonishing 49,866 Bitcoins, dormant for 5-7 years, were suddenly on the move on January 16th.
At an average unit price of $6,672, these old BTC present an enticing opportunity for buyers, promising a potential profit surge of around 640% upon resale. Notably, this volume wasn’t transferred to any crypto exchanges, as per the latest findings by CryptoQuant.
- In fact, recent trends show whales discreetly engaging in transactions without leaving noticeable traces.
- While this hints at a strategic shift in the market, caution is advised in the short term.
- The movement of Bitcoin acquired at a lower cost raises concerns and warrants careful observation, the on-chain intelligence platform said in its latest
“This volume of 49,866 was not sent to the exchange, and recently, whales have often been seen quietly selling/buying without leaving traces as much as possible, but it is necessary to be careful in the short term that Bitcoin purchased in a cheap range has moved.”
- Leading up to the historic approval of 11 spot Bitcoin ETF proposals by the US Securities and Exchange Commission (SEC), several old BTC stashes worth millions woken up from slumber.
- More recently, ARKHAM Intelligence identified the movement of $2 billion in BTC for the first time in five years just before the US market opened on January 16th.
- Despite concerns of potential sell-offs, these actions, however, did not have any material impact on the crypto asset’s price which was currently trading at $42,583.
