Bitcoin whale moves 5,000 BTC from a seven-year inactive wallet

TL;DR Breakdown

• A Bitcoin whale moved over $270 million worth of Bitcoin from an old wallet last used in 2014. 
• The transaction’s cost was only $33.2. 

With Bitcoin (BTC) trading around $54,000, a supposedly early-day Bitcoin whale has moved over $270 million worth of Bitcoin to an unknown wallet. The transaction was spotted and reported today by Whale Alert, a bot that tracks large digital currency transactions. The interesting part of the transaction is that these cryptocurrencies were moved from an old wallet address. It has been inactive for about seven years – that is, since 2014. 

As with other old Bitcoin transfers, many people insouciantly referred the whale to Satoshi Nakamoto, the anonymous creator of Bitcoin.

Bitcoin whale transfer $270 million BTC 

As Whale Alert reported, the Bitcoin whale moved 5,000 BTC from the old wallet. At the time of writing, these cryptocurrencies were worth about $274 million, following the price of Bitcoin at $54,801 on Coinmarketcap. Interestingly, the Bitcoin whale only spent about 0.000606 BTC (i.e., about $33.2) to transfer millions of dollars in Bitcoin. This is very unlikely with traditional payment systems.

It remains unknown how the market would react to this. During press time, Bitcoin posted a 0.43 percent price change on a 24-hour count. It’s slightly trading below the market price during the time of the transaction.

Whales moved $110 million Bitcoin from old wallets

The 5,000 BTC transferred today isn’t the first cryptocurrency to be moved from an old wallet address. In February, Bitcoin whales moved a total of 2289.53 BTC from two separate wallets, which had been inactive for seven and ten years, according to Whale Alert. During the time of the transaction, the cryptocurrencies were worth more than $110 million.