Inactive BTC whale transfers $8M worth Bitcoin After 10 years Inactivity

[Baofeng]

Let's look at what happen here: List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses [Old], specially in 2012, here. 

Maybe the person is one of those who pulled out the heist that year and after 10 years just decided to move out and maybe thought that there's no more heat on that BTC. But all eyes are on those old Bitcoin addresses that has a lot and have been tracked by some entities and will be reported if it moved.

[1714521812]

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[1714521812]

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[1714521812]

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[LoyceV]

Interesting that here no-one mentioned the top reason Reddit users did
- 10 years in jail ?  

I'm still waiting for Satoshi to be released

There is of course a much more likely possibility: the owner has more than one Bitcoin address, and could have been using them all those years.

[Aikidoka]

Mysterious but true, an unknown Bitcoin whale transferred 278.88 ($8M) BTC from his 10-year inactive wallet to three different addresses on Friday after being completely inactive for the past 10 years.
He originally bought and held 1,128 bitcoins in a wallet in 2012 and 2013 when the price of bitcoin was $12 and $195 respectively, but suddenly became active after 10 years and removed 279 bitcoins.

That's really common. I mean, some people bought Bitcoin pretty early and have been holding onto it for years without touching their wallets. It's normal to see people waking up after years of holding. This guy is pretty lucky since he bought a lot of Bitcoin in 2012, especially on October 12, 2012.
 
He bought 400 BTC, which is almost worth $11 million at the current Bitcoin rate 

Typically, people only cash out  when they need them urgently or move their coins to a more secure hardware wallet for safety reasons. I wish I had a time machine to go back to 2012 and buy that much Bitcoin lol 

[$crypto$]

Mysterious but true, an unknown Bitcoin whale transferred 278.88 ($8M) BTC from his 10-year inactive wallet to three different addresses on Friday after being completely inactive for the past 10 years.

There are lots of reasons as to why the sudden move of the 278.88 BTC from the inactive wallet to 3 different wallets but one of the reasons that comes into my mind is that the fund could have been kept as a kind of inheritance. Maybe, it is finally been splitted into 3 amongst the 3 beneficiaries or heirs.

There has been a lot of speculation about the exit of bitcoins from old wallets but it is not certain whether the BTC will be sold or transferred to a safe place or as you said distributed to heirs and we cannot guess which one is correct because it cannot be verify accurately.

This is not the first time that I have seen that maybe there is a reason why the owner of the old wallet wants to transfer bitcoins to 3 different wallets but until now these assets are still there and not for sale, that's just my possibility.

That's a Hodler he can hold more btc for a long time.

[Peanutswar]

There's a lot of possible things can be use it can be the holder just want to transfer those assets into more safe storage to make sure there can be holding for other years, or also can be bought in to other coins just to make an investment every time this kind of whale holders have their assets sell especially bitcoin it has a huge kind of impact to the market. Still ideal for kindly holding those assets for the another bull run.

[Godday]

No one ever knew what the whales had been thinking.  That is a very large number.  I was thinking what if they traded by the time BTC hit ATH.  But that is something that cannot be predicted.  People say they are incumbents but I don't think so either because not trading for 10 years is a long figure for a long term investment.

[uneng]

Is this the reason behind the recent dump in BTC price? Well, there are many possibilities why this dormant whale has finally moved his BTCs to somewhere else. He can be just moving his holdings to new wallets or preparing to sell it.

How come a holder did not transfer his bitcoins after being inactive for ten years i.e. in 2021 when the price of bitcoins peaked, but in today's down market why did he transfer his bitcoins?

People are constantly changing their minds, goals and plans. Your currently "yourself" isn't the same from 2021. The same could be said about this whale. Maybe he didn't think it was a good idea to sell during the last ATH, but due to the scenario after that and personal challenges faced on his life, he might have decided to finally make good use of that big money.

[Cryptomiles1]

If you ask whom do I asked?
Then my suggestion towards this was like the owner has a target of holding for 10 years or more before moving any unit of it. Now he decides to sell some units so I don't think there is any big deal if someone moved his holding to other address since he felt insecure on his current address were he was holding it.
There is every chance he just decides to change address and split his investment for a better security measures imo.

[salad daging]

Is this the reason behind the recent dump in BTC price? Well, there are many possibilities why this dormant whale has finally moved his BTCs to somewhere else. He can be just moving his holdings to new wallets or preparing to sell it.

I don't think this wallet has caused the BTC price to drop recently I assume it is there are other factors that could have caused it.
But I believe whales that are inactive by moving old BTC to be ready for sale but that's not the only conclusion we think this is all just wanting to move it or save it to a safer wallet.

People are constantly changing their minds, goals and plans. Your currently "yourself" isn't the same from 2021. The same could be said about this whale. Maybe he didn't think it was a good idea to sell during the last ATH, but due to the scenario after that and personal challenges faced on his life, he might have decided to finally make good use of that big money.

If the owner of the wallet doesn't sell his BTC at his last ATH then he just wants to achieve a higher ATH in the next few years, when there is a move at a time when the price is down then this will be a different scenario I would argue maybe he just wants to break some BTC into another wallet with a specific purpose and he doesn't sell the current price even though it is said that the whale has also made a profit because he bought it at a lower price, but the fact is that other reasons are always different so the whale always has a better plan to see the next price in the future.

[TheGreatPython]

How come a holder did not transfer his bitcoins after being inactive for ten years i.e. in 2021 when the price of bitcoins peaked, but in today's down market why did he transfer his bitcoins?

Ref:
https://twitter.com/lookonchain/status/1649387289745977344?s=19
https://decrypt.co/137493/bitcoin-whale-moves-nearly-8m-after-10-years-inactivity

There can be different reasons why he didn't move his Bitcoins in the previous bull run when the price hit its all-time high, the very first is that he probably didn't have access to his wallet back then, or he might even have forgotten that he had bought some Bitcoins back then and still have them somewhere, but I don't think this could have been the reason.

Also, the reason for him moving some of his assets could also be something else and he may not be selling them yet, he could possibly be changing his Bitcoin storage or splitting them into separate wallets for more safety, we never know.

[panganib999]

Probably Satoshi with his other unregistered wallets cashing in on that good good crypto money.

Kiddings aside, I think it's good at the very least. More bitcoins in circulation, less hassle when it comes to earning. And I don't think it's going to dilute bitcoin's value that much anyway, so at the expense of a higher circulating supply I'd say this is a great deal.

Speculating on who this guy might be though is a little bit futile I think? Bitcoin is made to be anonymous, let alone someone who didn't have any interactions with the industry for 10 and a half years, so while it is a good exercise, I don't think there's any point to finding out who this guy is. Besides, if they feel like it they will do what they can to out themselves as the guy who sold their bitcoins from years ago.

[NeuroticFish]

He is spending full inputs and moving them into batches of ~90 BTC

Indeed, then it's most probably the original owner and he knows what he's doing.
Still the other scenarios can remain - more or less - on the table, from splitting for heirs (it doesn't have to be 3 heirs, the heirs don't have to get the same amount) to splitting for hardware wallets or simply keeping a couple of millions in various places scattered over the world (there was a family already claiming to do so or years).

Also this scenario also makes a lot of sense (and can add to the story) :

the owner has more than one Bitcoin address, and could have been using them all those years.

[Woodie]

I really think the whale is kind of late, he/she should have withdrawn some crypto out when bitcoin price was around 70 grand, but wondering why now...and this certainly can't  be about security...or  maybe our whale  is gifting some coins to the next generation in the family   and btw taking out profits now not the best moves to be honest.
Am also assuming people with such wallets own several of these kind of wallets because 10.5years ago bitcoin was well discounted for anybody to buy a good amount for cheap, whatever the motive do spoil yourself you deserve  it.
  

[Obito]

The only reasonable thing why that whale moved his bitcoins is problem there's something big that the owner is planning and that whale's need it just coincided with this market or maybe it's a personal kind of emergency, we will never know until the whale themselve speak up about the reason why, also the whale doesn't really lost anything, 30k USD compared to the price that he bought those bitcoins, that whale is still winning.

[tjtonmoy]

Is he a strong hodler, Did he just forget he owns those BTC, or he lost access and recently got it back? Who cares? It's his personal asset and he has every right to use it as he likes. Or maybe it's a case of hacking.
Even if he sells all of his hodlings, will that have an impact that will cause a major movement in the market? No. So there's nothing to worry about anything here.
Bitcoin is a long-term investment asset and this proves it very well. In the long run, you can gain unimaginable profits. It can not happen overnight. If anyone asks me now what can Bitcoin give you, I will just say if you have the will to hold it for a long period of time you can get what you are asking for. And I can show them this.

[TheUltraElite]

The funny thing is that most of these users are not even active on the spaces like Reddit or Bitcointalk, they dont even care what we speculate here but minding their own business with their coins.

I know these type of topics end up inducing some fear and bearish emotions among newbies so anybody reading this keep in mind that people have their own liberty to whatever they want with their coins and that may or may not affect the market in what way we think.

As an older member of this forum it is my duty to inform newbies that what you see happening on social media or forums does not necessarily explain the bearish/bullish trend, rather it is a cumulative effect or many things that are beyond our control of coins being sent here and there. So control your emotions and treat them as just numbers not as panic pills.

[bangjoe]

How come a holder did not transfer his bitcoins after being inactive for ten years i.e. in 2021 when the price of bitcoins peaked, but in today's down market why did he transfer his bitcoins?

We can only answer probabilities and no one knows the real reason why the whale withdrew his bitcoins, for sure he made more profit than what he deposited before, his investment was not wasted for 10 years, yes indeed it is quite strange for a long term bitcoin holder long that's why he's not looking for momentum at the best price of bitcoin, will raise some assumptions based on guesswork, but what is certain is that investing in bitcoin as long as it makes you a rich man and even if he is an old person it is enough for his old age, or he moving his wealth to what he wants in the real world and not minding the price.

[franky1]

alot of people think that people need to be a strong/iron endurance holder to hold for 10 years
yet in the real world many people save for longer as standard

saving to put kids into college, =18 years
saving for retirement ~40 years

what people forget is not everyone is a day trader. alot of people do actually think about long term investing.
so dont be surprised by people hoarding coins for long periods.. its more common then people think

1130~ back then was not even $10k total
also 280 coin of 2012 was less then $2k total invested at the time. so its not like they were a whale when they first bought bitcoin

there are real whales with 10k -100k btc.... talking about someone with 1.2k btc is more of a shark than a whale

[Z-tight]

Is this the reason behind the recent dump in BTC price?

There must be speculations about this when this kind of news comes out, but i don't think this is the reason, this whale didn't even send his BTC to an exchange to liquidate it, he just swept it into different new addresses, so the BTC is still in the network and amongst the circulating supply. BTC dumps happen for different reasons, not just one only, there may have been some combined reason why the price fell a little bit, but it is already going back up again.

[Similificator]

There could be countless reasons as to why the owner decided to move funds just now and not when the price was skyrocketing. The owner may have been well of financially and decided to not touch the funds if not necessary, or maybe he forgot his keys and managed to find it just recently. Whichever the case, this is a good thing since this just proves that not all inactive wallets mean that the coins within them are forever lost. And also with this, some hoarded bitcoins gets circulated in the market which is great for bitcoin in the long run.