According to data provided by Arkham, a $250 million Bitcoin wallet recently emerged from hibernation after eight years of inactivity. 

These coins were initially worth roughly $3 million back in 2017. 

Such transactions always cause plenty of speculation within the cryptocurrency community. Some have assumed that the whale has rediscovered their private keys. 

Last month, a dormant Bitcoin whale also emerged after years of inactivity with $29.3 million. 

In 2024, several Satoshi-era whales suddenly became active again. As reported by U.Today, a wallet containing 2,000 Bitcoins that were mined in 2010 made a transfer for the first time in 14 years. 

Troubling whale activity 

Earlier this week, cryptocurrency analytics firm CryptoQuant noted that cryptocurrency whale activity had peaked. Major players appear to be in the process of relocating their assets. This could indicate potential selling pressure.

IntoTheBlock also warned that Bitcoin whale balances had been trading downward for almost a year. However, it did not rule out that a reversal occurred in March. 

On Sunday, a whopping $252 million was also transferred to an unknown wallet, according to Whale Alert data. 

Bitcoin’s anemic price action 

Bitcoin is currently changing hands $84,334, according to CoinGecko data.

On March 2, the leading cryptocurrency briefly surpassed the $95,000 level due to the excitement surrounding the establishment of a strategic Bitcoin reserve. 

However, Bitcoin failed to regain its bullish momentum after the reserve failed to live up to some lofty expectations.