Whale Wallet Moves Over $536 Million USD in Bitcoin to Binance After 5-Year Dormancy
After more than 5 years of dormancy, a whale wallet has transferred a total of 8,000 Bitcoin from its cold storage on Coinbase to Binance without any prior transactions for verification.
Whale Wallet Moves Over $536 Million USD in Bitcoin to Binance After 5-Year Dormancy
Image: CryptoSlate
According to data from Lookonchain, a Bitcoin whale that had been silent for over 5 years unexpectedly moved all 8,000 BTC (approximately $536 million USD) from its cold wallet on Coinbase to Binance at 08:26 PM on June 11th (Vietnam time).
Starting from the whale's cold wallet on Coinbase, the 8,000 BTC was transferred to the Bitcoin address "1ABww1...mCSKq" at block 847,490.
Transaction moving BTC from the cold wallet on Coinbase to address "1ABww1...mCSKq". Source: Arkham
Subsequently, this wallet transferred the 8,000 BTC to Binance's deposit address "15u4H...rMsLa" just 11 minutes after receiving the Bitcoin.
BTC deposit transaction from address "1ABww1...mCSKq" to Binance. Source: Arkham
Despite the transfer of a substantial amount of Bitcoin, there were no testing transactions conducted during either of these transfers.
Initially, this whale's Coinbase cold wallet accumulated a total of 8,000 Bitcoin through dozens of transactions in 2018, predominantly in batches of 200 BTC.
Transactions sending BTC to the whale's cold wallet on Coinbase. Source: Arkham
If this whale were to sell its Bitcoin holdings, the profits would amount to approximately 1,700% compared to the initial purchase price of $3,750 USD on December 5th, 2018.
This isn't the only Bitcoin whale wallet to "awaken" recently. On May 12th, two 10-year-old Bitcoin wallets collectively moved 1,000 Bitcoin. A week prior, a wallet from Satoshi Nakamoto's era transferred 687 Bitcoin to two different addresses.
However, according to reports from Chainalysis and Fortune, there are still approximately 1.75 million dormant Bitcoin addresses, holding over 1.798 million BTC (worth about $121 billion USD), which have been inactive for over a decade.
The sudden reactivation of dormant wallets may indicate profit-taking actions by whales, predicting a market adjustment, especially as these wallets transfer Bitcoin to exchange deposit addresses.
Recently, Bitcoin has experienced a 7.5% decline from its peak of $71,650 USD to $66,250 USD following a sell-off influenced by external factors from the U.S. economy, including the monthly Consumer Price Index (CPI) and the upcoming Fed interest rate announcement this week. Currently, BTC is trading around $67,536 USD.
4-hour chart of BTC/USDT pair on Binance at 11:50 AM on June 12, 2024.