A group of three Bitcoin whales, who have been inactive since November 2017, have suddenly become active again and transferred a total of 6,500 BTC to new addresses. The value of the transferred Bitcoins is about $230 million at the current market price.
Bitcoin whales are large holders of cryptocurrency, who can influence the market with their movements. The three whales have not moved their Bitcoins since they bought them in November 2017, when the price was around $7,000. They have made a profit of over $200 million by holding their coins for six years.
Bitcoin Whales Were on the Move
The first address transferred approximately 2,550 BTC, equivalent to $90 million. This represents a value increase of $68 million throughout inactivity.
The second address moved about 2,000 BTC, or $71 million, marking its first activity since the same date in 2017. This movement corresponds to a value growth of $52 million as per data from BitInfoCharts.
The third address also resumed activity for the first time since November 5, 2017, transferring nearly 1,950 BTC which is around $69 million. This transfer indicates a value augmentation of almost $53 million.
The reason for the sudden activity of the whales is unknown. Some speculate that they may be preparing to sell their Bitcoins or move them to more secure wallets. Others suggest that they may be hacked or have lost access to their old wallets.
The whale transfers coincided with a surge in the Bitcoin price, which approached the $36,000 level after Federal Reserve Chairman Jerome Powell made dovish statements about the monetary policy. Powell said that the Fed will keep the interest rates near zero and continue its bond-buying program until the economy recovers.
Bitcoin is currently trading at around $35,000, up by more than 10% in the past week. Many analysts expect Bitcoin to resume its uptrend and break new records in the coming months.