Ancient Whales Awake En Masse as Bitcoin Hits $66,000

As it turns out, the triple awakening of the Bitcoin whales took place today. Thanks to data from Whale Alert, dormant addresses containing 130 BTC ($8.42 million), 25 BTC ($1.62 million) and 184 BTC ($11.92 million) have all come back to life today after being dormant for more than 10 years.

The oldest is “1NidF,” which was first activated on Dec. 18, 2012. They bought 99 BTC, and then another 85 two weeks later. The cost at the time was $12,000. Now the profit of this whale is 99,354.5%, or $11.91 million.

The conventional wisdom is that such reappearances are bearish. Many market participants believe that old holders are waking up to take profits, especially when they reach the thousands of percentage points.

However, the awakening may also be related to the desire of legacy Bitcoin users to change the storage method or wallet type.

Speaking of profit-taking, it is worth noting that the price of BTC reached $66,000 today. This came after a dip to the mid $50,000s less than a week ago. The sentiment was terrible, and as is often the case on the crypto markets, the FUD marked the bottom and preceded the pump.

The price of Bitcoin is still well away from its all-time high of $74,000. But if the cryptocurrency continues on its current trajectory, that peak does not look out of reach.