A massive Bitcoin whale has moved a staggering 31,000 BTC worth over $820 million out of its cold wallets that had been inactive since late 2022.

The movement of the BTC has caused some excitement in the cryptocurrency community, with some analysts believing that it could signal a reversal in the current bear market.

The whale’s wallets had been dormant since late 2022, and the movement of the BTC is the first time that the whale has made any significant transactions since then. The whale moved the BTC to two different wallets, one with 20,000 BTC and another with 11,200 BTC.

The movement of the BTC comes just one day after an intriguing series of substantial Bitcoin transactions that saw over $1 billion worth of Bitcoin moved across multiple wallets.

Five unidentified wallets transferred a total of 7,206 Bitcoins to a singular anonymous wallet earlier this week, and another transaction equal in monetary value but directed to a different anonymous wallet took place.

This series of transactions amounts to a total of 43,236 Bitcoins exchanged, equivalent to an astonishing $1.13 billion.

These movements, taking place within such a short span, raise questions about market trends and speculation. Whether these colossal transactions are an indication of an impending shift in the Bitcoin market remains to be seen.

As CryptoGlobe reported, strategists at JPMorgan, led by Nikolaos Panigirtzoglou, have reportedly suggested that the rising price of gold could imply a Bitcoin price of $45,000. The two assets, often seen as alternatives by investors, tend to move in tandem.

The current gold price, nearing $2,000 per ounce, would suggest a Bitcoin price of $45,000, given the value of gold held for investment purposes outside central banks is currently around $3 trillion.

The strategists propose that this could lead to Bitcoin equalizing gold in private investors’ portfolios in risk capital or volume-adjusted terms.