The entire cryptocurrency market has been seeing major shifts in dynamics. Bitcoin (BTC), the leading cryptocurrency, seems to be hitting new peaks by the hour. The king coin surged all the way to a high of $107,780.58 earlier today. Amidst this, whale activity in the BTC market saw a major spike. One whale, in particular, made headlines as it woke up after being dormant for quite some time.

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Bitcoin Whale Wakes Up

According to data from Arkham, after more than three years of inactivity, a whale just transferred $530 million worth of Bitcoin. The large investor reportedly sent this stash to two new addresses. One of these addresses now has $420 million, while the other holds precisely 1000 BTC worth about $107 million. This Bitcoin last moved in April 2021, which was three years ago.

In addition, whales, in general, were also pushing their holdings. In just nine weeks, there has been a significant 9.9% growth in the number of addresses holding at least 100 BTC. This was a rise of 16,062 to 17,644. This increase in whale accumulation has corresponded with a 77% increase in the price of Bitcoin. This underscores the significant link between the asset’s upward velocity and the rising confidence of large holders.

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Current Market Scenario

At press time, Bitcoin was trading at $107,462.10. This comes after a 2.66% surge over the past 24 hours. Earlier today, the king coin was priced at a low of $103,377. Currently, the asset is close to reclaiming its peak yet again and hit a brand-new high. BTC is only 0.51% below this price level.

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The overall volume of the Bitcoin market currently stands at $80.58 billion. This follows a 25% uptick throughout the last day.