A Bitcoin whale transferred 8,000 Bitcoins (BTC) worth $536.5 million from a Coinbase cold storage wallet after five and a half years of dormancy.
Bitcoin address “1ABww1…mCSKq” received the entire 8,000 BTC cache in block 847490 on June 11 at 1:26 p.m. UTC, according to blockchain analytics firm Arkham Intelligence.
This wallet then transferred all the bitcoins to the Binance deposit address “15u4H…rMsLa” exactly one block and 11 minutes later, according to Arkham data. No test transactions were made before the two transfers.
Cold storage wallet Coinbase initially received 8,000 BTC via dozens of transfers on December 5, 2018, mostly in batches of 200 BTC.
Dormant addresses with large holdings that suddenly become active may indicate a sale, especially if you go to a deposit exchange address.
Although it is unclear whether the Bitcoin wallet owner withdrew the funds, the transfer represents an increase of approximately 1,700% from the acquisition price of $3,750 on December 5, 2018.
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This is not the first Bitcoin whale to wake up in recent weeks, as two linked Bitcoin wallets also transferred 1,000 Bitcoins – worth $61 million at the time – on May 12.
A week ago, a Satoshi Nakamoto-era Bitcoin wallet transferred 687 bitcoins, worth about $44 million, to two separate addresses.
While at least one early Bitcoin wallet tends to wake up every month, around 1.8 million Bitcoin addresses have remained dormant for more than a decade, according to an April 24 report from Chainalysis and Fortune.
These wallets, excluding Nakamoto’s wallet, are equivalent to $121 billion worth of Bitcoin at current prices.
However, many owners of these wallets have lost or forgotten the initial phrases required to access their Bitcoin, so it is unclear to what extent this can be recovered.
Bitcoin recently suffered a price decline, falling 7.5% from a local high of $71,650 on June 7 to $66,250 on June 11.
Despite the decline, the Fear and Greed Index that tracks cryptocurrency market sentiment remains in the “greed” zone with a score of 74 out of 100.
Big questions: How can Bitcoin payments make a comeback?
