Dormant Bitcoin Whale Moves $61 Million—Set for 817% Profit

A long-inactive Bitcoin whale has moved 1,000 BTC, worth $61 million, to Coinbase, possibly signaling a significant sale. On-chain data from Arkham Intelligence reveals the whale first acquired these coins in August 2018, when they were valued at just $6.68 million. If sold, this move would yield an impressive 817% profit.

This action follows a common trend in crypto bull markets, where long-term holders capitalize on their unrealized gains. Last month, another whale sold 687 BTC for $43.8 million, originally acquired in January 2014 when Bitcoin was just $987 per coin.

The supply of long-term Bitcoin holders—those holding for over five months—dropped from 16.2 million BTC in December to 14.9 million BTC by March, coinciding with Bitcoin’s rise from $40,000 to $70,000, indicating a wave of profit-taking.

Recently, this supply has stabilized, paralleling Bitcoin’s price. However, on-chain analysts warn that the current bull market may be losing steam, with whales cashing out $1.2 billion in June alone.

Other large players have also been selling. Miners, facing revenue challenges post-halving, have offloaded significant amounts of BTC. Additionally, the German and US governments have been liquidating hundreds of millions of dollars in BTC seized from criminals.

Currently, Bitcoin trades at $60,775, down 11% this month. Upcoming economic data, such as the Federal Reserve’s release of the core Personal Consumption Expenditures (PCE) price index, could impact market sentiment and introduce further volatility.
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