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    Home ยป Bitcoin Leviathan Awakens 600000 Transferred to Coinbase After 6Year Slumber
    Bitcoin

    Bitcoin Leviathan Awakens 600000 Transferred to Coinbase After 6Year Slumber

    By adminJun. 28, 2024No Comments1 Min Read
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    Bitcoin Leviathan Awakens 600000 Transferred to Coinbase After 6Year Slumber
    Bitcoin Leviathan Awakens 600000 Transferred to Coinbase After 6Year Slumber
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    On Friday, a dormant whale transferred Bitcoin (BTC) to Coinbase after six years of inactivity.

    The crypto wallet is identified as “12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3”. According to Coinbase Pro, 61 BTC worth over $10 million was transferred to Coinbase Pro.

    The data was provided by Lookonchain and Arkham Intelligence. These tokens were purchased six years ago for just $66,800.

    During this quarter, dormant Bitcoin wallets have become active, with a significant increase in quantity as many people are transferring their tokens to exchanges.

    On Thursday, a portfolio associated with the US government transferred over $24 billion worth of BTC to Coinbase.

    Read more:
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    This is why Robert Kiyosaki won’t invest in a Bitcoin ETF.

    Analysts suggest that these long-term dormant holders may seek to withdraw funds when the price approaches historical highs or engage in speculative trading in the market.

    The selling pressure from long-term holders, along with miners and faster liquidation by miners, has caused a nearly 9% price drop this month due to the intervention of the German government. At the time of writing this article, the Bitcoin trading price is $61,428.
    [img]

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