Crypto Whales Rise From Long Sleep, Move Thousands Of Bitcoins Worth IDR 31 Trillion

Whales or whales in the crypto world mean large amounts of crypto owners. (Photo; Doc. Blockdit)

JAKARTA - The crypto market was shocked by a report from blockchain analytics firm Arkham Intelligence, which revealed that there was extraordinary activity involving old bitcoins on January 16, 2024.

According to the report, about $2 billion, or around IDR 31 trillion, the value of bitcoin, which has not moved for a long time, suddenly moved from multiple addresses to new addresses. This Bitcoin, as Arkham said, last moved in 2019 and has been sleeping since 2013.

Arkham Intelligence provided further details about the old bitcoin movement in its report. The company mentioned that the old bitcoin always moves on the same time and date historically. On that day, they were consolidated from 49 addresses to 5 new addresses, each holding between 8,000 and 12,000 BTC (380 million US dollars to 480 million US dollars or around Rp. 5.9 trillion to Rp. 7.4 trillion per address).

One of the main addresses, which begins with "bc1q9," now holds 9,953 BTC, worth about $423.59 million. Similarly, the second wallet with the same initial character, "bc1q9," contains 10,486 BTC, equivalent to about $447.19 million. The third wallet, identified as "bc1qn," controlled a total of 9,445 BTC, valued at US$402.80 million or around Rp6.2 trillion on Wednesday afternoon, January 17, 2024.

The fourth wallet, which begins with "bc1qs," contains 8,859 BTC, equivalent to US$377.80 million or around Rp5.9 trillion, while the fifth address mentioned in Arkham's update, "bc1qg," secured 11,115 BTC, amounting to 474.01 million US dollars or around Rp7.3 trillion. The origin of these funds can be traced back to the address created on January 15, 2019, and before that, came from a wallet created in mid-November 2013.

As usual, the movement of old bitcoins by "whole" or large holders, the motive is not yet known. This transaction is still a mystery. Analysts were confused as they tried to find out the reason behind this sudden activity of bitcoin which had not moved for a long time.