Dormant Bitcoin Whale Holding $250M Wakes Up After 8 Years, Sending Speculation into Overdrive

A Bitcoin BTC/USD wallet valued at $250 million has sprung back to life after an eight-year hiatus, triggering a wave of speculation among cryptocurrency enthusiasts.

A Bitcoin BTC/USD wallet, valued at approximately $250 million, has awoken from an eight-year slumber, setting off a flurry of speculation among cryptocurrency enthusiasts.

What Happened: The Bitcoin wallet, which was initially holding around $3 million in early 2017, has become active again after eight years of dormancy. The wallet now holds an astounding $250 million worth of Bitcoin.

This occurrence has sparked chatter within the crypto community, with some members speculating that the owner of the wallet may have rediscovered their private keys, leading to the sudden activity.

$250M BITCOIN WHALE WAKES UP AFTER 8 YEARS

A Bitcoin Whale who has been holding BTC since late 2016 just moved over $250M in BTC last night.

His Bitcoin stack went from $3M in early 2017 to over $250M today – and he's held Bitcoin on one address for over 8 years. pic.twitter.com/RF1aewYVgy

— Ali (@ali_btc_) September 2, 2024

Previously, a dormant Bitcoin whale holding $29.3 million also became active after several years of inactivity.

In 2024, several Satoshi-era whales suddenly resumed activity, including a wallet containing 2,000 Bitcoins mined in 2010 that made a transfer for the first time in 14 years.

Earlier on Sunday, a massive sum of $252 million was transferred to an unknown wallet, according to Whale Alert data. At the time of writing, Bitcoin was trading at $84,334.

Why It Matters: The sudden awakening of these dormant Bitcoin whales could have a significant impact on the cryptocurrency market. The movement of such large amounts of Bitcoin can create a stir in the market, potentially leading to price volatility.

This could potentially signal selling pressure, which may affect Bitcoin's price. The re-emergence of these whales, coupled with the recent transfer of $252 million to an unknown wallet, underscores the unpredictable nature of the crypto market.