The crypto market is abuzz with another major Bitcoin move, with a dormant whale awakening after eight years. The latest report reveals that a sleeping Bitcoin whale has resurfaced, depositing 400 BTC into OKX. This gigantic move has netted him a profit of $30.4 million.
Significantly, this development is part of a larger trend of dormant whales reawakening, signaling a potential shift in market sentiment. If the investor proceeds to dump his BTC holdings, it could significantly impact the market.
Dormant Bitcoin Whale Cashes Out Big
According to an X post shared by Onchain Lens earlier today, an inactive Bitcoin whale has moved a massive 400 coins to the OKX crypto exchange. After eight years of dormancy, this sleeping giant has raked in a staggering $30.4 million, following a $34.92 million deposit.
The investor’s transaction history highlights the wallet’s long period of inactivity. Before the latest 400 Bitcoin transfer, the whale was last active eight years ago, when the coins were purchased at just $4 million. As per records, the wallet received two inflows of 200 coins each from HTX, valued at approximately $2 million per transfer.
After remaining silent for eight years, the Bitcoin whale moved the entire 400 coins to an OKX-linked address almost 11 hours before. This move possibly signals a massive sell-off, with the investor securing significant profits.
It is noteworthy that this development comes hot on the heels of a stark warning from crypto critic Peter Schiff that the Bitcoin price will never rise again.
Sleeping Whales are Returning to the Market
Interestingly, more sleeping investors are resurfacing, making pivotal movements. Coinciding with the latest Bitcoin whale’s 400 BTC transfer, two other dormant whales have reportedly returned to the crypto market.
Recently, a BTC wallet that has been inactive for almost three years moved 200 coins, worth $18.5 million, to Binance. Another large investor withdrew 171 BTC from the same exchange. These moves, occurring alongside other major bets, suggest a strategic reallocation of capital. While the deposit is likely a trading activity, the withdrawal hints at accumulation, reversing bearish signals.
Another major Bitcoin whale activity that captured attention is an investor’s bet on short positions. As CoinGape reported, a Bitcoin whale dumped 255 BTC and increased their short positions in BTC, ETH, and SOL.
Reportedly, large BTC holders have offloaded around 36,500 BTC, valued at around $3.37 billion, since early December. This significant movement is happening amid the prevailing volatility that follows the 1011 crypto market crash.