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Wednesday, June 12, 2024
HomeCryptoBitcoin whales, after more than 5 years of inactivity, suddenly transferred $536...

Bitcoin whales, after more than 5 years of inactivity, suddenly transferred $536 million in BTC to Binance

This wallet then transferred all the Bitcoin to Binance’s deposit address “15u4H…rMsLa” after just one block and 11 minutes later, the data of Arkham shows. No test transactions were performed before these two transfers.

Details of Bitcoin Whale’s $536 Million Transfer to Binance | Source: Arkham Intelligence

Coinbase’s cold wallet initially received 8,000 Bitcoin across dozens of transfers on December 5, 2018, mostly in batches worth 200 BTC.

Large amounts of inactive addresses suddenly becoming active could suggest selling, especially if they go into the exchange’s deposit address.

While it is unclear whether the Bitcoin wallet owner has withdrawn the funds, the transfer marks a nearly 1,700% increase from the purchase price of $3,750 on December 5, 2018.

This is not the first Bitcoin whale to wake up in recent weeks, with two other linked Bitcoin wallets also transferring a total of 1,000 Bitcoin — worth $61 million at the time — on May 12.

A week earlier, a Bitcoin wallet from the Satoshi Nakamoto era transferred 687 Bitcoins, worth nearly $44 million, to two separate addresses.

While at least one early Bitcoin wallet typically wakes up every month, nearly 1.8 million Bitcoin addresses have been inactive for more than a decade, according to an April 24 report by Chainalysis and Fortune.

These wallets, excluding Nakamoto Satoshi’s wallet, are equivalent to $121 billion worth of Bitcoin at current prices.

However, many of these wallet owners have lost or forgotten the keyphrase needed to access their Bitcoin, so it is unclear how much of this can be recovered.

Bitcoin recently experienced a price drop, falling 7.5% from a local high of $71,650 on June 7 to $66,250 on June 11.

Despite the decrease, the Fear & Greed cryptocurrency market sentiment index remains at “Greed” with a score of 74 out of 100.

See Bitcoin price here.

Thach Sanh

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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