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Long Dormant Whale Sends $61M BTC to Coinbase, On-Chain Data Shows
The so-called old hands have been selling coins this quarter, adding to bearish pressures in the market.
Updated Jun 28, 2024, 2:29 p.m. Published Jun 28, 2024, 6:27 a.m.
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- A wallet inactive for six years moved 1,000 BTC to Coinbase early Friday.
- The so-called old hands have been selling coins this quarter, adding to bearish pressures in the market.
- Volatility may rise later Friday following the release of the Fed's preferred inflation gauge.
Out of the blue, a whale wallet that had been inactive for six years sprung to life early Friday, moving bitcoin {[BTC}} to Coinbase as the leading cryptocurrency faded the spike above $62,000.
The crypto wallet identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 deposited a substantial 1,000 BTC, valued at over $61 million, to Coinbase Pro, according to data tracked by Lookonchain and Arkham Intelligence. Notably, these coins were acquired six years ago for a mere $6.68 million. A whale is wallet that holds 1000 BTC or more.
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This quarter, there has been a noticeable increase in the so-called dormant bitcoin wallets stirring into action by moving coins to exchanges. On Thursday, a wallet tied to a bitcoin miner woke up for the first time in 14 years and sent 50 BTC to Binance.
Analysts speculate that these dormant holders might be looking to cash out while prices hover near record highs or engage in speculative activities in the derivatives market.
The selling by long-term holders, coupled with faster liquidations by miners and the German government's divestment of coin holdings, has pushed prices lower by nearly 9% this month.
As of writing, bitcoin changed hands at $61,550, having failed to keep gains above the $62,000 mark at least four times since Tuesday, CoinDesk data show.
Price volatility may pick up later Friday following the release of the Fed's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May. Per Bloomberg, economists expect no change in the PCE price index and a marginal 0.1% increase in the core PCE, leading to 2.6% annual advances in the headline and core figures.
A benign inflation print might strengthen the case for Fed rate cuts this year and put a floor under BTC, which, currently, looks set for a deeper slide toward $50,000, per some observers.
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