The transactions, visible on Arkham’s monitoring dashboard, show the funds moving between several wallets labeled as “250M BTC Whale” addresses.
“Is the 4-year bitcoin cycle dead? Early on, halvings had a major supply impact. But as the majority of BTC has been mined, their effect is shrinking. In a couple of halvings, they will have a negligible effect on supply,” Greif noted.
Before these recent movements, the last transactions from these wallets occurred around 8 years ago, as shown by the timestamps in Arkham’s data—the early transactions from 2016 show the accumulation of Bitcoin when the cryptocurrency was less valuable.
The awakening of dormant wallets from Bitcoin’s earlier years has become increasingly rare. These events offer a glimpse into the major wealth creation experienced by early adopters who maintained their holdings through multiple market cycles.
Whale purchased Bitcoin when it was around $1,000
He suggests that while historical patterns may continue as a “self-fulfilling prophecy,” the fundamental impact of halvings on Bitcoin’s supply disappears with each cycle. Greif emphasized that halvings will continue to affect Bitcoin mining economics regardless of market cycles.
His Bitcoin stack went from M in early 2017 to over 0M today – and he’s held Bitcoin on one address for over 8 years. pic.twitter.com/RF1aewYVgy
The transactions were executed within the last 16 hours and show that the value of the holdings has appreciated from approximately million in early 2017 to over 0 million today. Before yesterday’s transfers, the wallet had maintained its Bitcoin (BTC) in a single address for more than eight years.
A Bitcoin Whale that has held BTC since late 2016 has just moved over 0M in BTC last night.
I once tried to trade the cycle theory and got rekt.… pic.twitter.com/Z1zOZhAKy2
Early on, halvings had a major supply impact. But as the majority of BTC has been mined, their effect is shrinking. In a couple of halvings, they will have a negligible effect on supply.
