Dormant Bitcoin Wallets Awaken as BTC Skyrockets to $60,000

As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to always keep a keen eye on market trends and whale movements. The recent surge of Bitcoin above $60,000 has certainly caught my attention. It’s fascinating to see the dance between whales and market sentiment, especially when it comes to such monumental price milestones.


On Saturdays, Bitcoin, the most valuable cryptocurrency, hit an all-time high of $60,660 during trading. This increase seems to be a recovery from the declines in September, as concerns about a potential weakening of the U.S. economy were previously prevalent.

On Friday, the value of Bitcoin climbed up to $60,770 – a peak not seen since early September – as investors grew hopeful that the upcoming Fed meeting could result in an exceptionally large interest rate reduction.

The gains were sustained till press time with Bitcoin up 3.27% in the last 24 hours to $59,835.

7 inactive wallets, possibly owned by a single large investor, transferred 203 Bitcoin (approximately $12.18 million) to Binance six hours ago, realizing a profit of around $6.89 million! This whale had previously acquired these Bitcoins, worth about $5.29 million, between March 10 and August 7, 2023, at an average price of $26,047 per Bitcoin.

— Lookonchain (@lookonchain) September 14, 2024

When Bitcoin reached approximately $60,000, Lookonchain, an on-chain analytics platform, revealed that seven wallets, inactive for over a year and presumably linked to the same large investor, moved 203 Bitcoins (around $12.18 million) into Binance within hours. This transaction generated a profit of around $6.89 million.

Transferring funds into cryptocurrency exchanges tends to suggest a plan to sell, while taking out funds might indicate a wish to buy. As per Lookonchain’s data, the mentioned Bitcoin whale acquired 203 BTC worth approximately $5.29 million between March 10 and August 7, 2023.

Whales make moves

Based on information from various blockchain resources, significant transactions by large Bitcoin holders (often referred to as ‘whales’) have been observed over the past day. These actions, such as buying and selling, seem to align with Bitcoin crossing the $60,000 threshold.

Based on information from Lookonchain, when the price of Bitcoin surpassed $60,000, a significant Bitcoin investor (known as a “whale”) acquired an additional 1,062 Bitcoins valued at approximately $63.96 million. At present, this whale owns a total of around 10,043 Bitcoins, equivalent to a value of about $603.84 million.

Similarly, a Bitcoin swap trader transferred approximately 205 BTC, which is equivalent to around $12.4 million, into Binance. This action yielded a profit of roughly $2.36 million for the trader.

In simpler terms, the corporation MicroStrategy announced purchasing an additional 18,300 Bitcoins for approximately $1.11 billion, with each Bitcoin costing around $60,408, during the period from August 6 to September 12.

Presently, MicroStrategy owns approximately 244,800 Bitcoins with an estimated value of around $14.15 billion. The average purchase price per Bitcoin was about $38,585. Given the current prices, this translates to a staggering potential profit of roughly $4.71 billion.

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2024-09-14 18:05