Crypto:
30601
Bitcoin:
$58.769
% 2.22
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.769
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Bitcoin Whale Transfers $536M After Years of Silence

Bitcoin Whale

Five and a half years of dormancy have seen a Bitcoin whale move 8,000 bitcoins (BTC) worth $536.5 million from a Coinbase cold storage wallet.

Blockchain analytics company Arkham Intelligence claims that Bitcoin address “1ABww1…mCSKq” got the whole 8,000 BTC hoard at block 847, 490 on June 11, 1:26 pm UTC.

That wallet then, exactly one block and 11 minutes later, sent all the Bitcoin to the Binance deposit address “15u4H…rMsLa.” Arkham data indicates. Not one test transaction was conducted before the two transfers.

Significant Movement of Dormant Bitcoin

Dormant addresses with significant holdings suddenly becoming active could point to selling, especially if they go into an exchange deposit address.

Although the owner of the Bitcoin wallet cashed out is unknown, the transaction represented a nearly 1,700% rise from the $3,750 purchase price on December 5, 2018.

Two linked Bitcoin accounts also sent a total of 1,000 BTC , worth $61 million at the time, on May 12, so it was not the only Bitcoin whale to have awakened in recent weeks.

This Might Interest You: MetaMask’s New Pooled Staking Service for Ethereum

A week before, a BTC wallet bearing Satoshi Nakamoto moved 687 BTC, valued at about $44 million, to two different addresses.

According to an April 24 Chainalysis and Fortune analysis, about 1.8 million BTC addresses have stayed dormant for more than a decade, while at least one early BTC wallet usually wakes up each month. With current pricing, these wallets—except for Nakamoto’s wallet—equal $121 billion worth of BTC.

It is unclear, though, how much of this can be recovered, as many of these wallet users have lost or forgotten the seed words needed to access their BTC. From a local high of $71,650 on June 7 to $66,250 on June 11, BTC has lately seen a price decline of 7.5%.

READ:  Bernstein Reiterates $200K Bitcoin Price Prediction!

Though declining, the crypto market sentiment-tracking Fear & Greed Index stays in the “greed” zone with a score of 74 out of a total of 100.

 

For the latest news, be sure to follow Coin Engineer News by clicking here

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *