The recent transfer of approximately $8.7 billion by a long-dormant Bitcoin whale has attracted attention from the cryptocurrency community, highlighting the influence of long-term holders on the current market.
Impact of Bitcoin Whales on the Market
Dormant Bitcoin wallets identified as ‘12tLs’, ‘bc1qm’, and ‘1GcCK’ awakened after 14 years, each moving 10,000 BTC, totaling 80,000 BTC worth around $8.69 billion.
Speculation on the Whale's Identity
There are no official confirmations linking this activity to early Bitcoin figures, leading to speculation regarding the whale's identity. "A Bitcoin wallet ‘12tLs’ transferred 10,000 $BTC ($1B+) after 14 years of dormancy, originally received April 2011." (CITE_NA)
Market Reaction to Large Transactions
Bitcoin's price temporarily dipped by 1% amidst the news but later stabilized under $108,000. This shows the market's capacity to absorb high-volume trades without severe shocks. Continued inflows into Bitcoin ETFs reached $50 billion, indicating strong institutional support.
The awakening of dormant whales highlights the resilience and liquidity of the current cryptocurrency market. Historical precedence suggests minimal sustained impact, with markets efficiently rebounding.
