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Title: Bitcoin Whale Transfers Large Amount of BTC to Coinbase After 6 Years of Inactivity
A Bitcoin whale that has remained inactive for six years has recently caught the attention of analysts with a significant of Bitcoin to Coinbase, one of the leading cryptocurrency exchanges.
In an unexpected move, the whale wallet known as 12EMDoUhaNCuWZeeT661AkjKyzmjV2m3 deposited 1,000 BTC worth over $61 million on Coinbase Pro on Friday. The transaction was carefully by Lookonchain and Arkham Intelligence.
What makes this transfer even more intriguing is that these coins were originally purchased for only $6. million six years ago, showcasing a substantial increase in their value over time.
Whale wallets are known for holding large amounts of cryptocurrencies, typically 1,000 or more. The sudden activity from long-inactive wallets like this one often sparks speculation about potential cash-outs engagement in speculative activities within the derivatives market when prices reach record highs.
This quarter has witnessed a noticeable rise in the movement of dormant Bitcoin wallets shifting their assets to exchanges. Just recently, another wallet belonging to a Bitcoin miner who had been inactive for 14 years sent 50 BTC to Binance.
The increased liquidations by miners and the German government’s divestment from cryptocurrency assets have added bearish pressure on the market and caused Bitcoin prices to drop almost 9% this month alone.
Currently trading at $61,550, Bitcoin has struggled to maintain gains above the62,000 level multiple times since Tuesday.
(Note: This article does not provide investment advice.)
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