Bitcoin Whale moves $3.28 million BTC to Coinbase since 2010
A Bitcoin wallet that has been untouched for 14 years has come back to life by transferring 50 BTC (estimated value $3.28 million) to the Coinbase exchange.
On-chain data shows that the wallet belongs to a former Bitcoin miner who earned BTC as a mining reward since April 2010.
Bitcoin holders are being sold.
Such ‘ancient' bitcoin activity always creates a buzz in the crypto community. Large transactions by these early adopters, often known as crypto wells, can affect market sentiment. This is because investors can interpret their buying and selling patterns as indicators of future price trends.
However, the recent revival of this long-dormant wallet coincides with a broader pattern seen in 2024. According to CryptoQuant data, long-term bitcoin holders have been gradually selling their holdings throughout the year. This trend was emphasized by a strong selloff on April 5, 2024, when Bitcoin traded at $67,800.
Read more: Who will have the most Bitcoins in 2024?
Historically, major whale sales have been viewed as bearish signs, possibly indicating that owners are taking profits. Conversely, some activities serve the simple purpose of shifting assets to different wallets before further distribution.
The motivation behind this particular 14-year-old wallet revival is a mystery. Some options include cashing out on Bitcoin's significant appreciation, diversifying investments, or simply consolidating holdings. Whatever the reason, the move underscores the enduring nature of Bitcoin and the vast wealth accumulated by those involved in its early days.
Read more: Bitcoin price prediction for 2024/2025/2030
Crypto analyst Kashif Raza said that while the price of Bitcoin is recovering, mainstream investors who own at least 0.1% of Bitcoin have not been active in buying much. These big holders only added 3,000 BTC today, which is much less than the 80,000 BTC bought after the price reduction in March.
“Signs of inactivity by large holders could further depreciate,” Raza wrote.
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