Mempool data shows that a bitcoin holder transferred 2,000 BTC (worth $178 million) to the Coinbase exchange. This bitcoin whale has held its coins since 2010, when the price of one BTC was only $0.06, and the market capitalization of bitcoin was around $250,000. At that time, the daily trading volume rarely exceeded $60,000.
The influx of bitcoins to exchanges usually indicates an intention to sell. This transfer follows a recent trend of activating 'dormant' wallets that have not been used for more than five years, coinciding with a recent rise in bitcoin prices after Donald Trump's election victory. Glassnode recorded a two-month high of such activations.
Bitcoin is currently trading at around $90,532, after a recent record high of $93,214. This is not the first time that 'dormant' wallets containing bitcoins from the 'Satoshi era' (late 2009 - 2011) have been activated amid rising prices. It is unclear whether bitcoins from these wallets were sold earlier this year, but given the huge profits, it is quite possible.
The trend of activating old wallets may continue, as their owners can realize huge profits at current prices. However, such actions may limit further price increases, despite some traders' optimism predicting that bitcoin will reach the psychologically important level of $100,000 by the end of the year. According to Chainalysis, between 3 to 4 million BTC are irretrievably lost due to lost keys, so some of these 'pioneering' wallets may remain inaccessible.
