The price of Bitcoin (BTC) is fluctuating significantly as it struggles to break through and maintain above the $95,000 barrier. Meanwhile, a significant Bitcoin investor, known as a whale, has seen their investment reach a huge value following a six-year period of inactivity.
Whale activity sparks market speculation
Based on a recent post from Lookonchain, it was observed that a whale’s digital wallet sprang back to life when approximately 500 Bitcoin, valued at around $46.87 million, were transferred into Coinbase Prime.
6 years ago, a wallet containing 500 Bitcoins (worth approximately $46.87 million at current prices) became active and transferred those Bitcoins to Coinbase Prime just 2 hours ago, where they were previously inactive. This wallet originally received the 500 Bitcoins when one Bitcoin was worth around $7,000.
— Lookonchain (@lookonchain) January 10, 2025
It’s possible that a large accumulation of this asset is being held with the aim of selling it later, since such accumulations often indicate an intention to offload. This theory becomes more convincing considering the high value of the asset at the time of the ‘whale’s’ acquisition.
6 years back, the average price of Bitcoin was approximately $7,000. This means that acquiring 500 Bitcoins cost around 3.5 million dollars. Today, with the increased market value, the whale’s holding is now worth more than 47 million dollars.
Currently, I’m looking at Bitcoin (BTC) trading at approximately $94,404.63. But if we consider a slightly lower price of $94,400, it equates to a value of around $47,200,000. This means that if a whale were to sell off their entire holdings at this price, they’d potentially make a profit of around $43,700,000.
Experts are discussing the possibility that as Bitcoin is now in a distribution stage, a large investor (often referred to as a ‘whale’) may choose to sell their 500 Bitcoins. This whale could be considering using the profit for future investments elsewhere or simply cashing out.
Market implications and stakeholders’ perspective
Regardless of the ups and downs in the wider market, certain parties maintain confidence that Bitcoin’s value could surge significantly in the future.
According to basketball Hall of Famer Scottie Pippen, the recent fluctuations in value are actually a cleverly engineered trap designed to make investors sell their Bitcoin. Pippen is confident that the price of Bitcoin will surge once most people have sold it off. Therefore, he advises his followers to hold onto their Bitcoin instead of selling it.
Regardless of the motive behind the 500 BTC whale’s recent activity, market observers will closely monitor his future actions to determine if he is planning to sell. Notably, a significant investor who holds 357 BTC has recently become active again after a decade-long hiatus – right at the end of December 2024.
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2025-01-10 19:09