A long-dormant Bitcoin ($BTC) whale has recently resurfaced, moving 1,000 BTC onto to Nasdaq-listed cryptocurrency exchange Coinbase after being inactive for six years, effectively adding selling pressure for the flagship cryptocurrency.
According to data shared by on-chain analysis service Lookonchain, the wallet acquired the flagship cryptocurrency for around $6.68 million six years ago and simply held onto the funds without moving, until now.
A wallet that had been dormant for 6 years deposited 1K $BTC ($61.55M) into #Coinbase Prime 4 hours ago.Address:12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 pic.twitter.com/jpm5bmM8Sa
— Lookonchain (@lookonchain) June 28, 2024
This movement coincides with a broader trend of previously dormant Bitcoin wallets becoming active in recent months. Earlier this week, a wallet linked to a Bitcoin miner transferred 50 BTC to Binance after lying inactive for 14 years, with analysts suggesting these holders are now cashing in on record high prices or using derivatives to enhance their positions.
The selling pressure from dormant holders, coupled with increased liquidations by miners and the German government’s recent divestment of some of its Bitcoin holdings, has contributed to a nearly 11% price decline for Bitcoin this month. Bitcoin is currently trading at around $61,000.
As CryptoGlobe reported, however, large Bitcoin whales have been quietly accumulating the flagship cryptocurrency as its price seemingly starts to recover from a recent drawdown that saw it hit a low just above the $58,000 mark.
According to data shared by on-chain analytics firm IntoTheBlock, holders who control at least 0.1% of Bitcoin’s total supply have added 7,130 BTC worth around $436 million to their wallets in a single day amid the price drop.
This buying activity is reflected in the “Large Holders Netflow” metric, which tracks the net movement of Bitcoin into and out of wallets associated with these major investors. IntoTheBlock’s definition of large Bitcoin holders – those with at least 0.1% of the cryptocurrency supply – means holders with at least 19,700 BTC, or around $1.2 billion.
Featured image via Unsplash.