Bitcoin whales, dormant for over a decade, have recently moved billions of dollars worth of the cryptocurrency, signaling a potential shift in the market. Overall Bitcoin is tracking pretty closely with equity performance at the moment. This wave might prepare the way for a potential breakout to higher levels.
Blockchain analysis shows that a Bitcoin address “12tLs” just moved 10k BTC. This even larger transaction, worth over $1 billion, follows a 14-year hold period on the initial assets. In the same manner, two more whale addresses, “bc1qm” and “1GcCK” similarly roared back to life after 14 years, with each moving 10,000 BTC.
The whales’ long-term holding caused a jaw-dropping 13 million percent appreciation in value. The “12tLs” wallet sent its first 10,000 BTC on April 3rd, 2011. At that moment in time, Bitcoin was valued at about 78 cents per coin.
This behavior is part of a new trend of long-time Bitcoin holders realizing their profits. One investor, for instance, realized a nearly $30 million profit after holding their Bitcoin since 2013, achieving a 496-fold return on their initial $60,000 investment.
"Bitcoin is closely tracking equity performance and stands poised to follow equities to new highs." - Ruslan Lienkha
You can monitor Bitcoin’s performance over the years with TradingView data. BitcoinTreasuries.net offers a glimpse of bitcoin’s bumpy but eventually prosperous ride.
"A decisive push above its current consolidation range could see BTC retesting and surpassing its previous all-time high in the near term." - Ruslan Lienkha
