A crypto whale has shocked the global crypto market by awakening from a 14-year snooze to cash in on its long-term BTC holdings.
The crypto whale in question has been holding Bitcoin since 2010 and mined his Bitcoin assets when the crypto asset had no value.
The crypto whale attracted attention when it started depositing BTC assets to various crypto exchanges.
These transactions were picked up by Spot On Chain, a popular analytics platform, which shared its findings with its X community.
“Yesterday, a Satoshi-era Bitcoin wallet holding 2,000 $BTC ($178M) woke up after 14 years of dormancy!
In the past 24 hours, this wallet has deposited all its $BTC to exchanges, including:
• 1,038.87 $BTC ($92.93M) to #Coinbase
• 591.46 $BTC ($52M) to #BitFlyer
369.66 $BTC ($33.04M) to #Bitstamp” , Spot on chain tweeted.
The whale in question mined the BTC holdings in the early days of crypto known as the Satoshi era. The price of Bitcoin was almost zero at that point and the mining block reward was 50 BTC.
Today, Mining block reward is at 3.125 BTC indicating how long the whale has been holding the token.
The Bitcoin whale was discovered when it began depositing all these cryptos on popular crypto exchanges like Coinbase, Bitstamp, and BitFlyer, gaining everyone’s attention.
Crypto trading and the art of HODL
Crypto trading has a lot to do with timing and patience. The crypto whale in question here practiced a popular crypto strategy known as HODL. It simply refers to acquiring crypto assets and holding them for a very long time.
In the case of the crypto whale here, he held his Bitcoin assets for 14 years witnessing the asset blow up in value including crossing an all-time high this month.
The HODL strategy is the safest and surest strategy but requires a lot of time and patience.
Bitcoin’s November Rally Insight
Bitcoin has enjoyed a solid November month outperforming the so-called Uptober month of expected surges. In the first week of November, Bitcoin smashed its all-time high of $73,737 following a Donald Trump victory in the polls.
The primary asset went further to soar as high as $93,000 a new all-time high never witnessed before. Several analysts believe that given the current trajectory, Bitcoin will surpass $100,000 before the end of the year.
What to Know
- Crypto whales are large holders of crypto assets whose Onchain activity has the power to influence the market price of the asset they are holding. Crypto whales range from over $1 million worth of asset holders to $1 billion.
- The Satoshi era in the crypto industry refers to the early days of Bitcoin when the asset’s value was relatively peanuts. The era ranges from the launch of Bitcoin whitepaper in 2008 to around 2012.