A long-term Bitcoin holder has resurfaced after more than a decade of inactivity. Data from Arkham Intelligence reveals that a wallet containing over $44 million worth of BTC executed its first transaction in 12 years.
The address, which holds 400 Bitcoin, had not been touched since November 2013 — just four years after the launch of the Bitcoin network. Sunday’s activity marks the wallet’s first movement since those early days when Bitcoin was trading at around $720. When considering the price difference of Bitcoin in 2013, with the current price of Bitcoin at $113.6K, BTC gained 16,000% within the past 12 years.
This kind of large transfers and the reawakening of whales has put a doubt in the mind of the crypto community, as they wonder whether there could be a dump coming soon.
Global spot trading volume for Bitcoin on average ranges between $15 billion and $30 billion per day. Bitcoin is currently trading at around $113.5K, and when the price of 400 BTC is considered, it adds up to $45 million. When considering the 400 BTC as a percentage compared to the daily trading volume, it adds up to only 0.03%.
If the whale market-sells all 400 BTC at once, it could temporarily push down the price on that specific exchange order book, maybe a few dozen dollars to a few hundred, depending on liquidity at the top of the book.
If sold gradually (limit orders, OTC desks, algos), the market may barely notice.
The psychological effect of a whale dumping can cause retail panic selling, which might have a bigger impact than the actual 400 BTC itself.
As Bitcoin is currently trying to reach $120 level, it has been met with bear pressure. The flagship token needs to cross above the 50-day EMA and make it as support before it could reach $120K.
