Crisis in China wakes up ‘asleep’ Bitcoin whale for 9 years

After almost nine years without moving bitcoins, a whale sent 616 BTC, around 144 million reais, to another portfolio at the same time that China is experiencing a real estate bubble, marked by the fall of the developer Evergrande.

Because Bitcoin is pseudo-anonymous, it is impossible to determine the owner of the wallet, as well as the owner of the address to receive this amount, it is not clear whether the amount was sent to another address of the same person, to a third party or to an exchange.

β€œAn inactive address containing 616 BTC (29,470,042 USD) has just been activated after 8.8 years (valued at 6,667 USD in 2012)!”

The coins had been idle since 2012, at the time they were worth around 7 thousand dollars, yielding around 449,900%. Few investments have had such a return in this same period.

In addition, this whale also owned all coins derived from Bitcoin forks and took the opportunity to move 616 BCH worth 1.8 million reais and 616 BSV equivalent to 450,000 reais.

Cryptomarket worried about China?

Over the past nine years, Bitcoin has seen many ups and downs, starting with a rise to $300 in 2013, $20,000 in 2017 and $60,000 in 2021, in addition to strong corrections.

Even so, it is only now in the face of the global financial fear that China has provoked on account of the real estate bubble that this fortune of 616 BTC has been touched.

It is worth remembering that Bitcoin emerged after the US housing crisis in 2007-2008, a crisis that ended up affecting not only the real estate industry and the US, but the world as a whole.

The so-called subprime crisis caused many countries to inject money into the economy to avoid bank failures, buying bonds, duplicates and debentures. The Times headline was immortalized in the genesis block of Bitcoin.

The Times 03/Jan/2009 Chancellor on the brink of second bank bailout.

This time it’s the second largest economy in the world that is worrying the world, and although Bitcoin has dropped 8% in the last 24 hours, the digital asset can be a safe haven for store of value.

As for the 616 BTC, maybe the wallet owner is just getting ready to throw a big party. He is hardly worried, not to mention that he might have more BTC in other portfolios.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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