The bitcoins lying dormant since 2013 suddenly became liquid and were split among many new wallets.
On-chain data for Bitcoin revealed that 10,000 BTC lying dormant since 2013 were suddenly moved in groups of 5,000 to many new wallets. The bitcoins weren’t sent to any exchanges. The owner of the wallet remains unknown, but on-chain analysts are curious about the motive behind the move. Some analysts cited privacy as the reason behind the move. However, few others called Mt. Gox’s rehabilitation process the reason behind the whale transfer.
Whale shadows chart depicting price spikes during such whale transfers
The implication of the sudden increase in transaction volumes can be a spike in BTC prices leading to local highs. Previously, such spikes resulted in local highs for Bitcoin throughout Bitcoin’s history.