A mysterious Bitcoin whale has recently resurfaced after being dormant for nearly nine years, shifting a whopping 2,101 BTC worth around $88.5 million to a new address after first accumulating the funds back in February 2015.
According to a recent report from Bitcoin.com, based on data detected by BTCParser, the wallet address first received a funds at a time in which the stash was worth just over $500,000 as each BTC was trading for around $243.
The Bitcoin whale remained dormant since then and has now moved its BTC stash to two new addresses, one now holding 1,762.99 BTC, and another holdings 336 BTC, but doesn’t appear to currently be selling its funds on the market.
The whale paid just over $26 to move the over $88 million worth of the flagship cryptocurrency around, showing the low cost of significant transactions on the network.
The move comes at a time in which the total supply of BTC on centralized cryptocurrency exchanges dropped to a six-year low, according to CryptoQuant data, with exchanges having net outflows for 45 months in a row now.
Bitcoin’s dropping supply on exchanges is viewed as a bullish sign as long-term holders often buy BTC from exchanges and withdraw in a bid to custody their own funds and keep them for a long term. Investors with smaller time horizons deposit their funds to exchanges to either actively trade them or sell them.
The persistent decrease of BTC held by exchanges since 2017 has significantly affected the asset’s fluctuations, availability, and overall market behavior. This also affects BTC deposit transactions to exchanges, which have dropped to the lowest levels in years. Deposits to exchanges are now at a level similar to July 2020, indicating less pressure to sell.
As CryptoGlobe reported various ananlysts have been making bullish BTC price predictions, with well-known on-chain analyst Willy Woo recently sharing his prediction for a potential retest of the $39,900 zone before the bullish trend’s continuation.
Meanwhile London-based multinational banking and financial services firm Standard Chartered has suggested that the price of BTC could surge to $120,000 by the end of next year, after predicting a rise to $50,000 this year.
Featured image via Unsplash.