As a researcher with a background in cryptocurrencies and blockchain analysis, I find this recent trend of dormant Bitcoin whales becoming active again to be an intriguing development. The fact that one such wallet, which had been inactive for six years, has suddenly moved 1,000 BTC onto Coinbase is a significant event that adds selling pressure to the market.
An inactive Bitcoin ($BTC) investor with a substantial stash of 1,000 coins has reemerged, transferring their holdings to Coinbase – a publicly-traded cryptocurrency exchange. This whale’s six-year absence suggests potential selling intent, potentially adding pressure on the Bitcoin price.
As a crypto investor, I’ve come across some intriguing information from the on-chain analysis service Lookonchain. Six years ago, I purchased roughly $6.68 million worth of the leading cryptocurrency and have kept it in my wallet ever since without any transactions until now.
Six years after being inactive, a digital wallet suddenly transferred $1,000 worth of Bitcoin ($61.55M in total) into Coinbase Prime about 4 hours ago. Here’s the Bitcoin address for the transaction:
— Lookonchain (@lookonchain) June 28, 2024
In recent months, there’s been an uptick in activity from Bitcoin wallets that had previously laid dormant. For instance, a specific Bitcoin wallet associated with a miner was recently activated after a 14-year long hiatus, moving 50 BTC to Binance. Analysts speculate that these holders are taking advantage of the current record-breaking Bitcoin prices by selling or employing derivatives to amplify their investments.
The combined influence of dormant investors selling their Bitcoins, miners triggering liquidations, and the German government disposing of some of its Bitcoin stash has caused a nearly 11% price drop for Bitcoin in the past month. Currently, Bitcoin is valued at approximately $61,000.
According to a recent report by CryptoGlobe, I’ve noticed that large Bitcoin investors, often referred to as “whales,” have been quietly amassing the leading cryptocurrency as its price shows signs of rebounding from a recent slump. The price dip reached a low point just above $58,000.
Based on information provided by on-chain analysis company IntoTheBlock, entities possessing over 0.1% of the entire Bitcoin stockpile accumulated approximately 7,130 BTC, equivalent to around $436 million, during a daily price decline.
The “Large Holders Netflow” metric, which is monitored by IntoTheBlock, indicates the total amount of Bitcoin entering and exiting the wallets belonging to significant investors. These investors are defined as those who possess at least 0.1% of the entire Bitcoin supply – equivalent to approximately 19,700 BTC or a value of around $1.2 billion.
Read More
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- ZRO PREDICTION. ZRO cryptocurrency
- Dogecoin Price Could Skyrocket 430% From Current Levels, Crypto Analyst Suggests
- HIVE PREDICTION. HIVE cryptocurrency
- Why Billionaire Investor Peter Thiel is Uncertain About Bitcoin’s Price Growth Potential
- Major $WIF Holder Doubles Down with $4.65M Purchase Despite 46% Price Drop
- TRX PREDICTION. TRX cryptocurrency
- BB PREDICTION. BB cryptocurrency
- Prominent Analyst Claims Telegram is Crypto’s Real Mass Adoption Driver
- Gold Becoming Leading Reserve Asset for Central Banks, While Bitcoin Should Outperform Gold This Decade, Says Macro Research Analyst
2024-06-29 03:42