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Long Dormant Bitcoin Whales Are Waking Up: What Is Going On?

On September 25, 2024, early Bitcoin investors are becoming active again. They are moving previously dormant coins to Kraken, creating buzz in the crypto community. One trader has marked $62,000 as a key level to watch for trendline support. They remain optimistic for the coming months.

On-chain data from Arkham Intelligence highlights the activity of early Bitcoin whales who have been inactive for years. One whale, who hadn’t moved their Bitcoin in almost a decade, recently transferred 5 BTC to Kraken. This whale holds coins worth $77 million, mined in the first two months after Bitcoin's launch.

This Bitcoin was mined back in February and March of 2009. After some transactions between 2011 and 2014, the coins went dormant for nearly ten years. During that time, their value surged from $474,000 to over $80 million.

This particular whale became active about three weeks ago, moving a total of 10 BTC to Kraken in three transactions. Their activity follows another early Bitcoin whale, who woke up after 15 years to move 250 BTC worth $15.95 million. This Bitcoin came from five addresses that were active in January 2009, the very first month of Bitcoin's existence.

So, why does this matter? The reasons behind these sudden movements among Bitcoin wallets are unclear. This adds to the speculation surrounding these early investors.

One possible reason for these transactions could be the expected bullish trend for Bitcoin. Trader Crypto Vikings predicts a rise in momentum over the next few months, with a target of $90,000 by the end of 2024.

In the short term, this trader expects a potential return to major trendline support at the $62,000 level.

What’s next? The role of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on November 19.

Bitcoin is often described as “gold with leverage,” according to experts who believe the U.S. government faces significant challenges due to its debt burden.

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