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Two Bitcoin Whales Emerged From Years of Sleep

The two ancient whales have $10 million worth of Bitcoin (BTC) on their balance sheets. They could make a profit of 10,000% when selling the cryptocurrency.

Two Bitcoin whales have awakened this week after more than a decade of hibernation, analysts wrote. Whale Alert.

Awakening of the whales

On Tuesday, July 9th, the address “1CWga” translated 149 BTC, purchased in November 2013, to a new wallet. At that time, this amount of cryptocurrency was valued at $81,667, and now it is $8.59 million. If the whale decides to sell the assets, he will receive a profit of 10,000%.

Transaction details from address “1CWga”. Source: Whale Alert

The second wallet, with the address “1NNCJ”, holds 24.9 BTC worth $1.44 million. The whale has not touched these funds for 11 years. On July 9, the investor brought out a small number of coins valued at $348,000.

Transaction details from address “1NNCJ”. Source: Whale Alert

While such Bitcoin transfers are fairly common, coins that are more than a decade old are usually considered lost. According to analysts, the likelihood of someone transferring tokens older than five months is very low. Their owners either prefer to hold on to the assets for a very long time or simply lost access to their wallets.

The second option most often applies to coins that appeared before 2014. Hardware wallets for secure storage of cryptocurrency appeared only in July 2014.

Analysts agree that as the price of Bitcoin rises, cryptocurrency holders will likely sell it and lock in profits. That’s why the crypto community is so worried that creditors of the Mt. Gox exchange that collapsed in 2014, who were promised their money back, will start selling off their BTC en masse to raise millions of dollars.

According to CoinGeckoat the time of writing, the leading cryptocurrency by capitalization is trading at $58,425. Over the past 24 hours, the Bitcoin rate has grown by 1.9%. This was largely due to the latest speech by Federal Reserve Chairman Jerome Powell.

In early July, it became known that a well-known Bitcoin whale had moved a significant amount of funds. Amid fluctuations in the cryptocurrency exchange rate, the investor sent 1,800 BTC worth $106 million to the Binance crypto exchange.

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Source: Cryptocurrency

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