Bitcoin 'Whale' Moves $536.5M Worth of BTC: Possible Market Impact Looms
Summary:
A Bitcoin 'whale' moved 8,000 BTC, or $536.5 million, out of dormancy from a Coinbase cold wallet to a Binance deposit address, hinting at a potential sale. While actions and intent of such large Bitcoin holders are closely watched for market influence, it remains noted that nearly 1.8 million Bitcoin wallets have been inactive for over a decade, holding approximately $121 billion. The future of Bitcoin and cryptocurrency markets continues to be a focal point of discussion amid recent price fluctuations and investor sentiment.
A large Bitcoin holder, known as a 'whale,' moved 8,000 Bitcoin (BTC) equivalent to $536.5 million, which had been lying dormant in a Coinbase cold storage wallet for over five years. Trackers at Arkham Intelligence showed that at 1:26 pm UTC on June 11, these 8,000 BTC were moved to Bitcoin address “1ABww1…mCSKq” at block 847,490. This entire cache was then migrated to the Binance deposit address “15u4H…rMsLa” just 11 minutes and one block later, data from Arkham confirmed. No test transactions were conducted before these two significant shifts took place.
The data implies the huge stash of Bitcoin was originally harvested by the Coinbase cold-storage wallet through dozens of transactions dating back to December 5, 2018, mostly in 200 BTC chunks. Large holdings springing to life after a period of dormancy may signal a sale, especially if they are being moved to an exchange deposit address. The intent of the whale is not clear, though a sizeable profit of nearly 1,700% would have been made if the Bitcoin was sold, considering the acquisition price of $3,750 on December 5, 2018.
Arkham data also reveals that this isn't the first time a Bitcoin whale has stirred recently. On May 12, two linked Bitcoin wallets shifted a combined sum of 1,000 Bitcoin, equivalent to $61 million. A week before that, a wallet from the Satoshi Nakamoto era moved 687 Bitcoin or nearly $44 million to two different addresses.
Despite the recent activity, a Chainalysis and Fortune report dated April 24 shows that a vast number of Bitcoin wallets, roughly 1.8 million, haven't shown activity in over a decade. These inactive wallets represent approximately $121 billion in Bitcoin, excluding those held by Satoshi Nakamoto. Due to lost or forgotten seed phrases, the actual amount that can be claimed from these dormant wallets remains uncertain.
The price of Bitcoin stumbled recently, shedding 7.5% from a high of $71,650 on June 7 to $66,250 by June 11. Nevertheless, values from the crypto market sentiment tracker, Fear & Greed Index, signal a mood of "Greed" among investors, registering a score of 74 out of a possible 100. As questions circulate on Bitcoin's potential recovery efforts, the future movements of Bitcoin whales will undoubtedly be closely watched.
Published At
6/12/2024 2:29:08 AM
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