During a month marked by positive trends in the cryptocurrency market, dormant Bitcoin addresses are showing signs of activity.
Recently, after lying dormant for 12 years, a Bitcoin (BTC) address made headlines by transferring 119 tokens valued at approximately $6.9 million, as reported by Whale Alert. The address, inactive since February 2012, previously held just 2.98 BTC, valued at around $15 at that time, according to on-chain data from mempool.space.
The recent transactions involved two transfers: one moving 76 BTC and another moving 43 BTC, indicating significant activity from this previously dormant wallet.
Large holders of cryptocurrency, known as whales, wield significant influence over market prices and sentiment due to their substantial holdings, ranging from tens of millions to billions of dollars in assets. The sudden activity of these whales often sparks speculation among observers about their motives and the potential impact on the market.
In the case of the recent Bitcoin transactions, the whale involved remains anonymous, leaving the exact reasons for their actions unclear. However, both BTC transfers were consolidated into a single new wallet, suggesting a strategy to consolidate holdings into a fresh address.
This year has witnessed multiple instances of dormant Bitcoin addresses springing back to life. For example, on May 6, a BTC whale transferred $43 million worth of cryptocurrency to another wallet after a decade of dormancy. Just a week later, another whale moved 1,000 BTC, valued at approximately $60 million at the time, highlighting ongoing activity among long-dormant Bitcoin addresses.
Large holders of cryptocurrency, known as whales, wield significant influence over market prices and sentiment due to their substantial holdings, ranging from tens of millions to billions of dollars in assets. The sudden activity of these whales often sparks speculation among observers about their motives and the potential impact on the market.
In the case of the recent Bitcoin transactions, the whale involved remains anonymous, leaving the exact reasons for their actions unclear. However, both BTC transfers were consolidated into a single new wallet, suggesting a strategy to consolidate holdings into a fresh address.
This year has witnessed multiple instances of dormant Bitcoin addresses springing back to life. For example, on May 6, a BTC whale transferred $43 million worth of cryptocurrency to another wallet after a decade of dormancy. Just a week later, another whale moved 1,000 BTC, valued at approximately $60 million at the time, highlighting ongoing activity among long-dormant Bitcoin addresses.
Bitcoin whale dumps $206m at a loss
Amidst a decline in the BTC market and active wallets, a significant whale has begun liquidating its holdings in large quantities, despite facing losses. LookOnChain reported that within a span of five hours, this whale deposited 3,500 BTC, equivalent to $206 million, onto Binance.
Typically, whales transfer tokens to centralized exchanges for open-market sales. According to the data provider, this particular whale sold its Bitcoin at a loss amounting to $20 million and has been consistently depositing on exchanges over the past few weeks.
Meanwhile, Bitcoin experienced a market value drop of over 5%, slipping below $57,500 for the first time since April, as reported by CoinGecko. This downturn coincided with a shift in the crypto “fear & greed” index, which transitioned from greed last month to fear at the time of reporting.
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