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.
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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.
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