Early Bitcoin Investor Reactivates to Cash Out $11.32M After BTC Broke $71,000

In a noteworthy development, a bitcoin (BTC) whale, inactive for over 12 years, has been reactivated following BTC’s recent rise above the $71,000 threshold.

On-chain analyst Lookonchain alerted that the whale’s wallet, containing 749 BTC (worth approximately $53.23 million), executed a significant transaction on Tuesday, transferring out 159 BTC (approx. $11.32 million) after the digital asset surged past $71,000 for the first time since June.

After the price of $BTC broke through $71,000, a whale with 749 $BTC($53.23M) woke up after 12 years of dormancy and transferred 159 $BTC($11.32M) out!

The whale accumulated 749 $BTC($8,151 at the time) in 2012 when the price was only $11.https://t.co/I98gM9YgSL pic.twitter.com/XPHMKp5gQP

— Lookonchain (@lookonchain) October 29, 2024

From $8K to $53M

The whale initially acquired 749 BTC in 2012 at $11 per coin, which made his bag worth just $8,151 at the time. 

While the development underscores BTC’s impressive growth over the years, the whale’s movement has sparked a reaction among market participants regarding its potential market impact.

Some investors highlighted that seeing returns on bitcoin bought at $11 reflects the power of HODLing. Others pointed out that it’s typical for large investors, or whales, to reactivate old wallets during bullish market phases.

“Nothing suspicious about Bitcoin! Every bull market, whales wake up with wallets that have been inactive for 10 years,” an X user commented.

Bitcoin ETFs Attract $479M Inflows

The reactivation coincides with the top cryptocurrency’s recent price surge, now trading at $71,300 after reaching a high of $71,500 earlier Tuesday. Recent analysis suggests that strong demand for US bitcoin ETFs fueled this momentum.

Data reveals that bitcoin ETFs attracted a combined net inflow of $479 million on Monday, marking the highest inflow in two weeks and extending their positive streak to 11 consecutive trading days.

Recently, CoinTab reported another wallet reactivation involving $27.21 million worth of BTC after a 12-year dormancy. The wallet, which received 400 BTC in 2012 when the asset traded at $5.45, saw its value rise from an initial investment of $2,180 to multi-million dollars. On October 25, the wallet moved 100 BTC (valued at $6.8 million) to the crypto exchange Bitstamp, signifying selling intentions.

Similarly, a 15-year dormant whale reactivated and transferred $3.6 million worth of bitcoin to the crypto exchange Kraken. The whale’s bitcoin portfolio grew from $474,000 in 2009 to over $80 million in 2024.