A 6-year-dormant Bitcoin whale transferred over $60 million to Coinbase
On Friday, a whale that had been inactive for six years transferred Bitcoin (BTC) to Coinbase.
The crypto wallet identified as “12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3,” transferred 1,000 BTC, valued at over $61 million, to Coinbase Pro, according to data by Lookonchain and Arkham Intelligence. These tokens were acquired six years ago for a mere $6.68 million.
This quarter saw a significant increase in dormant Bitcoin wallets becoming active, with many transferring their tokens to exchanges.
On Thursday, a portfolio linked to the US government, transferred BTC for over $240 million to Coinbase.
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This is why Robert Kiyosaki wouldn't invest in a Bitcoin ETFAnalysts suggest that these long-dormant holders may seek to withdraw their funds while prices are near record highs or engage in speculative trading in the market.
Selling pressure from long-term holders combined with faster liquidations from miners and sales by the German government contributed to a nearly 9% price drop this month. At the time of writing this article Bitcoin is trading at the $61,428 level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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