According to data provided by Lookonchain, an address #بيتكوين that had been dormant for over 14 years transferred 10,000 Bitcoin ($1.09 billion) early Friday.
Shortly thereafter, it was revealed that the Bitcoin address $BTC
The last billion-dollar wallet belonging to the same old Bitcoin user has also been emptied.
Both wallets received their coins when they were worth only $0.78 in April 2011.
The big shift
According to a recent Bloomberg report citing data from 10x Research, the #حيتان_البيتكوين old wallets were collectively selling their holdings, having offloaded more than $50 billion worth of Bitcoin over the past year. Some whales are exchanging their coins for exposure to stocks.
These unknown whales include miners and hedge funds or wealth management firms registered in tax-friendly jurisdictions, along with unspecified whales.
This explains why Bitcoin's rise is challenging despite the massive inflows of Bitcoin recorded by exchange-traded products and increasing adoption by companies.