Long Dormant Whale Sends $61M BTC to Coinbase, OnChain Data Shows
A dormant Bitcoin wallet, inactive for six years, transferred 1,000 BTC (valued at over $61 million) to Coinbase Pro. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, had acquired these coins six years ago for $6.68 million. There has been a recent increase in dormant Bitcoin wallets moving coins to exchanges. Analysts suggest these holders may be looking to cash out while prices are near record highs or engage in speculative activities in the derivatives market. The selling by long-term holders, along with faster liquidations by miners and the German government's divestment of coin holdings, has caused prices to drop nearly 9% this month. Bitcoin is currently trading at $61,550, failing to maintain gains above the $62,000 mark multiple times since Tuesday.
