Earlier this week, armchair sleuths began pointing out that large amounts of cryptocurrency from long-dormant addresses have been on the move. For instance, one wallet that’s been inactive since its inception in 2013 moved 66,452 BTC — worth around $245 million — to an unknown address. Hours later, a few more addresses from the top 20 rich list moved another $728 million worth of BTC.
Also read: Eight Historic Bitcoin Transactions
More Than $1.5B Moved From Dormant BTC Wallets
Cryptocurrency markets have been dreadfully bearish lately and have lost considerable value. Some people have blamed whales, as those who hold large quantities of digital assets are known, for dumping coins on markets to scare people enough to panic sell, so they can then scoop up more at cheaper rates.
Traditionally, during such bearish times, bitcoin enthusiasts have concocted all kinds of crazy theories about these massive holders. But it doesn’t help when big whales actually start moving large amounts of BTC from wallets that have been inactive for years.
On Tuesday, according to data from the Whale Alert bot and various blockchain explorers, more than $1 billion worth of BTC was shifted out of four dormant addresses to other wallets. The following day, more than 151,000 BTC — valued at over $562 million — was moved from other long-inactive wallets to a number of previously unknown addresses.
But big holders of cryptocurrency are not just moving BTC. Large sums of ETH, XRP, BCH and all of the stablecoins have also been shifting around. In one instance on Dec. 5, a bitcoin cash transaction worth around $13 million was done for less than a penny.