Bitcoin's value recently rose above $64,000, and an inactive Bitcoin whale reappeared, transferring a substantial $44 million worth of BTC. Today, Bitcoin (BTC) successfully climbed past $64,000. During this price surge, an inactive wallet from over a decade ago became active. This dormant Bitcoin whale then moved its entire BTC holdings, valued at around $44 million.

The Dormant Bitcoin Whale's Significant Transfer

Reported by Lookonchain, a platform tracking blockchain activities, an inactive Bitcoin whale recently moved a remarkable 687.33 BTC to two unknown wallets on Monday. These transactions totaled a staggering $43.94 million. One transfer involved 625.42 BTC, worth $41 million, while the other moved 61.9 BTC, valued at approximately $4 million. This whale, inactive for 10.3 years, initially received this substantial Bitcoin amount on January 12, 2014, when each coin was priced at $917. Back then, the whale's BTC holdings were worth just $630,000, showcasing a massive profit increase of 6,875%.

Potential Impact of the Transfer

The sudden movement of such a large amount of Bitcoin raises concerns about a potential sell-off. This transfer might indicate a plan to sell off the significant Bitcoin holdings amidst the recent price surge. The substantial profit made by the Bitcoin whale further supports the possibility of a sell-off. If such a sell-off occurs, it could negatively affect Bitcoin's price during its recovery, potentially leading to a decline or sideways movement, creating opportunities for Bitcoin bears. Additionally, short sellers are looking to minimize their losses and brace for a short squeeze, which could introduce more volatility into the market.

BTC Price Surpasses $64,000

After multiple attempts, Bitcoin has finally surpassed the $64,000 mark. Currently, the BTC price stands at $64,296.60, marking a 1.06% increase on Monday, May 6. Bitcoin's market capitalization is an impressive $1.26 trillion, while its 24-hour trading volume has decreased by 7.49% to $18.27 billion.

Bitcoin's Recent Performance and Future Outlook

Despite the recent gains, shorts accounted for nearly 95% of total liquidations, as reported by Coinglass. However, these liquidations were not as significant as seen in previous days. This suggests that the impact of a short squeeze might be limited, but an increase in Bitcoin's value could be expected due to the sudden buying pressure from short sellers. Presently, Bitcoin's price is trading comfortably above the 50-day and 100-day EMAs of 63,927 and 60,191, indicating a bullish trajectory in the short and long term. Nevertheless, minor corrections in the price cannot be completely ruled out.