Whale Watch — $2 Billion in Bitcoin Awakens, Shifting From Long-Term Hibernation

Arkham Intelligence reports that approximately $2 billion worth of bitcoin, stored in five distinct addresses, experienced movement on Jan. 16, 2024, for the first time since their initial deposit in 2019. Each of these addresses obtained their funds from wallets established on Jan. 15, 2019, following a period of inactivity since 2013, when the bitcoins were initially dormant.

$2 Billion in Dormant Funds Relocated, Originating from 2013

According to a social media update from the blockchain analytics company Arkham Intelligence, there’s been some recent activity involving vintage bitcoins moving within the network on Jan. 16, 2024. “$2 billion of dormant bitcoin moved just before U.S. market open today, across several linked addresses,” Arkham detailed. “The [bitcoin] had moved once in 2019, and before that had been dormant since 2013.”

The analytics firm added:

Historically these bitcoins have all moved at the same times and dates. They were consolidated today from 49 addresses into 5 new addresses, each now holding between 8K-12K BTC ($380M-$480M per address).

The initial address, labeled “bc1q9,” contains 9,953 BTC, valued at approximately $423.59 million. Similarly, the second wallet, beginning with the same initial five alpha-numeric characters “bc1q9,” comprises 10,486 BTC, equating to about $447.19 million, based on current exchange rates. The third wallet, identified as “bc1qn,” controls a stash of 9,445 BTC, valued at $402.80 million as of Wednesday afternoon.

The fourth wallet, “bc1qs,” contains 8,859 BTC, equivalent to $377.80 million, while the fifth address mentioned in Arkham’s update, “bc1qg,” secures 11,115 BTC, amounting to $474.01 million. The origins of these funds trace back to addresses established on Jan. 15, 2019, and prior to that, they originated from wallets dating back to mid-November 2013. As is common with significant movements of vintage BTC by whales, the motives behind these transactions remain a mystery.

What do you think about the bitcoin whales moving significant funds on Tuesday? Share your thoughts and opinions about this subject in the comments section below.