One of the oldest Bitcoin whales in existence has just made a huge splash in the crypto market. A mysterious entity who received over 6,000 BTC in 2013 has transferred 2,071.5 BTC to a new address, according to data from Lookonchain.

The whale received 6,071.5 BTC on December 19, 2013, when the price of Bitcoin was around $663. At that time, the stash was worth about $4 million. Today, the same amount of BTC is worth a staggering $178 million.

The whale moved 2,071.5 BTC on April 20, 2023, when the price of Bitcoin was around $28,868. The transferred amount was worth about $60 million at the time of the transaction.

The destination address of the whale starts with “bc1q”, which indicates that it is a SegWit address that supports lower fees and faster transactions. SegWit is a protocol upgrade that was activated on Bitcoin in 2017.

The reason behind the whale’s move is unknown. It could be that the whale decided to cash out some of their profits after seeing Bitcoin reach new highs this year. It could also be that the whale wanted to secure their funds in a more advanced address type. Or it could be that the whale was preparing for another move in the future.

Whatever the motive, the whale’s activity has attracted a lot of attention from the crypto community. Some people speculated that the whale could be an early adopter or a miner who had forgotten about their coins until recently. Others wondered if the whale could be related to Satoshi Nakamoto, the anonymous creator of Bitcoin.

The whale’s move also coincided with a period of high volatility in the crypto market. Bitcoin experienced a sharp drop from over $64,000 to below $30,000 in May 2023, before recovering to above $40,000 in June. The market was influenced by various factors, such as inflation fears, regulatory uncertainty, environmental concerns, and institutional adoption.

The whale’s move shows that there are still some old-school Bitcoin holders who have not sold their coins despite the massive price appreciation over the years. These holders are often referred to as “hodlers”, a term derived from a misspelling of “hold” in a forum post in 2013.

Hodlers are considered to be loyal and long-term supporters of Bitcoin who believe in its potential as a store of value and a medium of exchange. They are also seen as a source of strength and stability for the network, as they reduce the supply and increase the demand for Bitcoin.

However, hodlers are also unpredictable and can cause significant price movements when they decide to move their coins. Therefore, it is important for traders and investors to keep an eye on their activity and be prepared for any surprises.

Bitcoin is currently trading at around $28,868 at the time of writing, down 1.43% in the last 24 hours.