Whale Bitcoin Rises Again, Move 2,000 BTC

Whale transfers thousands of Bitcoins. (Doc; Photo. En Coin Turk)

JAKARTA - Mega whale is a term for individuals or entities that have a very large amount of bitcoin, thus affecting the price and liquidity of crypto markets. Mega whales usually rarely move their bitcoins, especially those from bitcoin early years, because they have high historical and economic value.

However, recently, the mysterious mega whale which became the center of attention of onchain analysts at Bitcoin.com News, again made a breakthrough by transferring 2,000 ancient bitcoins from 2010 confirmed in one single block. Since March 2020, this entity has moved as many as 16,000 bitcoins that have been silent since its mining day.

On March 1, 2024, the famous mega whale, first detected on March 11, 2020, made a transfer of 2,000 BTC from 2010 through about 40 separate transactions. Each transaction involved a 50 BTC reward coinbase originating from 40 unique Pay-to-Public-Key-Hash (P2PKH) addresses. On that day, the last whale to appear was on December 5, 2023.

The P2PKH address is the most common and simple type of bitcoin address, which uses a public key as the recipient's identity. The P2PKH address usually starts with number 1 and has a length of 26-35 characters. The P2SH address is a more complex and flexible type of bitcoin address, which uses the script as the recipient's identity. The P2SH address usually starts with number 3 and has a length of 26-35 characters.

The P2SH address can be used to combine multiple bitcoin addresses into one, or to create transactions involving special conditions, such as multisig or timelocks. Funds transferred by whales are then combined into one P2SH address, and at the time of this report being created, the BTC 3BhsG address has the entire BTC 2,000 ensemble. Confirmed at a block height of 832,648, these 40 transfers reflect the previous activity of the whale, with all the origin addresses made in August, September, October, and November 2010.

In addition to moving ancient bitcoins, whale also moved bitcoin cash (BCH) associated with the bitcoin. Bitcoin cash is one of the forks of bitcoins that occurred in 2017, which aims to increase the scalability and transaction function of bitcoins. Fork is a split of blockchain networks that generate two different versions of cryptocurrencies.

When the fork occurs, the original cryptocurrency holders will get the same amount from the new cryptocurrency. In this case, bitcoin holders in 2017 will get as much bitcoin cash as they have. Whale moved 2,000 BCHs associated with the ancient bitcoins it moved, directing it to a known qpq4u address.

BTC was worth around USD 800 before November 2010, but at the moment, its value has risen to USD 123.9 million (IDR 1.9 trillion), according to current exchange rates. The activity carried out by this mega whale marks an important event in 2024, as spending from 2010's sleeping bitcoin is becoming increasingly rare. A total of 16,000 BTC virgins and vintages displaced by this whale are now worth nearly USD 991 million (IDR 15.5 trillion).

This whale activity is attracting attention and speculation from the crypto community, as it demonstrates the interest and strategy of long-term bitcoin holders. Some people regard this whale activity as a bullish signal, which suggests that whales believe in bitcoin prospects in the future. However, some others consider this whale activity as a bearish signal, which suggests that whales want to sell their bitcoins before prices drop. Whatever the motivation behind these whale activity, one thing is for sure is that they have a great influence on the crypto market.