Bitcoin value was up by 93.28% year-to-date, as the digital asset rallied at $56,248, at press time. The value of the largest cryptocurrency has been rising over the past week, giving way to bullish sentiment in the market. However, as the price inches close to the all-time high, whales have been seen re-visiting old addresses with large sums of BTC.
According to Whale Alert, on Thursday, a movement of 5,000 BTC from an inactive address that was last used seven years ago was observed. The Tweet read:
— Whale Alert (@whale_alert) March 11, 2021
As Bitcoin’s trading value remained close to $55,000, the total value transferred was almost $275 million. The fee for the giant transaction was $34. The amount moved to the address has a balance of 5,000 BTC and has noted a spent amount of 5,000 BTC.
A similar activity was visible in January 2021, where one of the wealthiest whales had moved BTC worth nearly $1 billion. Bitcoin Block Bot had highlighted this movement of 31,010 BTC on block 667,858 for a meager fee of $5.
This movement in March follows the increase in whale deposits on spot exchanges like Coinbase. The price dropping under $48,000 a week back could be a result of the inflows witnessed from whale wallets. Interestingly, Bitcoin enthusiasts on Twitter noted that Bitcoin addresses holding >10k BTC were at an all-time low.
Number of #Bitcoin Addresses Holding >10K Coins is at all-time lows.
This is good for BTC, supply is becoming less concentrated. pic.twitter.com/veHjFoMJTG
— William Clemente III (@WClementeIII) March 10, 2021
The above chart indicated that the whales were shrinking in size. In 2017, there were over 128 addresses holding 10,000 and above BTC. This number has fallen under 90 and could be a result of the fall that was witnessed recently.