Some of Bitcoin’s earliest adopters have finally made a move, shifting massive amounts of the digital currency after over a decade of inactivity. In a rare event, long-dormant whale wallets are springing back to life and transferring billions in value.
One such wallet, labeled “12tLs,” moved 10,000 BTC — now worth more than $1 billion — on Thursday. The coins had been untouched since April 3, 2011, when Bitcoin was trading for just $0.78, according to blockchain analytics shared by Lookonchain on X.
Not long after, two more whale wallets — “bc1qm” and “1GcCK” — followed suit, each transferring another 10,000 BTC. These wallets also hadn’t been active since 2011, according to BitInfoCharts data.
The value of these holdings has skyrocketed over the years, delivering returns upwards of 13 million percent for the patient investors, based on current prices tracked by TradingView.
Whale movements are often watched closely by market participants, as they can signal shifts in institutional sentiment or foreshadow major price moves due to the sheer scale of capital involved.
This surge in whale activity is part of a broader trend among long-term holders who are beginning to realize profits. Just two weeks ago, another early investor cashed out nearly $30 million in gains, turning a $60,000 investment from 2013 into a 496x return.
Institutions Keep Buying as Markets Rally
Even as some early holders sell off their assets, institutional accumulation continues. According to data from BitcoinTreasuries.NET, over 255 public companies now hold a combined 3.47 million BTC — nearly 4% of Bitcoin’s total supply — up significantly from just 124 companies reported weeks ago.
This accumulation comes as traditional markets hit fresh highs. Both the S&P 500 and Nasdaq posted new records on Thursday, buoyed by a strong U.S. jobs report that lifted investor sentiment.
“Bitcoin is following the equity market closely and could break out to new highs alongside it,” said Ruslan Lienkha, chief of markets at crypto fintech firm YouHodler. He added that a clear move above Bitcoin’s current consolidation zone may lead to a retest — or even a surpassing — of its all-time high.
Still, not everyone is convinced a major breakout is imminent. Some analysts caution that without fresh retail interest and new capital inflows, Bitcoin could remain range-bound below $112,000 in the short term.
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