Whale Moves $536 Million After Over 5 Years of Inactivity

9 months ago

Hey folks.

After five and a half years of inactivity, a Whale transferred 8,000 Bitcoin valued at $536.5 million from a cold storage wallet on Coinbase.

On June 11, the entire 8,000 Bitcoin stash at the block 847,490, the Bitcoin address “1ABww1…mCSKq” received it, as per a blockchain analytics firm.

The funds were transferred by the wallet to the deposit address of Binance exactly one block and eleven minutes later.

On December 5, 2018, the cold storage wallet on Coinbase received 8,000 Bitcoin over dozens of transfers which were mostly in batches of 200 Bitcoin.

Selling may be suggested if big holdings that have been dormant suddenly become active, especially if they go into an exchange deposit account.

Although it's unclear if the owner of the Bitcoin wallet cashed out, the transfer represented a nearly 1,700% rise from its $3,750 purchase price on December 5, 2018, when it was first acquired.

This isn't the only Bitcoin Whale to have become active in recent weeks, with two linked Bitcoin wallets also moving a combined 1,000 Bitcoin valued at $61 million at the time on May 12.

A week earlier, 687 bitcoins worth around $44 million, were transferred by a Satoshi Nakamoto-era Bitcoin wallet to two different addresses.

According to a report published on April 24 by Chainalysis and Fortune, approximately 1.8 million Bitcoin addresses have lain inactive for more than a decade, yet at least one early Bitcoin wallet usually springs back to life each month.

With the exception of Nakamoto's wallet, the total value of these wallets, at current pricing, comes to $121 billion in Bitcoin.

However, several of these wallet owners have forgotten or lost the seed phrases needed to access their Bitcoin, so it is not clear how much of this can be recovered.