🔥🫨😳BTC Whale Awakens After 5 Years: $536.5 Million Transfer Sparks Panic🫨😳
1. Whale Activity:
- A Bitcoin whale moved 8,000 BTC (worth $536.5 million) from a Coinbase cold wallet after 5 years of inactivity.
- The transfer occurred on June 11 at 16:26 to block 847,490, according to Arkham Intelligence.
- The BTC was moved to a Binance deposit address 11 minutes later without any preliminary testing.
2. Historical Context:
- The Coinbase wallet initially received these Bitcoins on December 5, 2018, in batches of 200 BTC each.
- The Bitcoins were purchased at $3,750 each, appreciating by 1,700% since then.
3. Market Impact:
- Bitcoin saw a 7.5% decline on June 11, dropping from $71,650 to $66,250.
- Despite the decline, the Fear and Greed Index remains in the “Greed” zone with a score of 74 out of 100.
4. Dormant Wallets:
- According to Chainalysis and Fortune, 1.8 million Bitcoin addresses have been dormant for over a decade, amounting to $121 billion at current prices.
- Many of these wallet owners have lost or forgotten access, making recovery uncertain.
5. Recent Whale Activity:
- BTC whales have been active lately, with a notable transfer of 687 BTC from a Satoshi Nakamoto-era wallet just a week earlier.
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