BTC whale woke up after 5 years: Transfer size created panic!

One BitcoinAfter 5 years of sleep, the whale transferred 8 thousand BTC ($536.5 million) from the Coinbase cold wallet.

According to blockchain analysis firm Arkham Intelligence, Bitcoin address “1ABww1…mCSKq” moved 8,000 BTC to block 847,490 at 16:26 on June 11.

The whale transferred the Bitcoins to the Binance deposit address “15u4H…rMsLa” 11 minutes later. There was no random testing process before the two transfers. The Coinbase cold wallet first received 8,000 Bitcoins on December 5, 2018, with many transfers in clusters of 200 BTC.

Although it is not clear whether the Bitcoin whale withdrew his money or not, it is known that the BTCs in question were purchased for $ 3,750 on December 5, 2018. Bitcoin has increased in value by 1,700 percent since then. BTC whales have been quite active lately. A week ago, a Bitcoin wallet from the time of Satoshi Nakamoto transferred 687 BTC worth approximately $44 million to two other addresses.

Bitcoin (BTC) whales are waking up one by one

While at least one old Bitcoin wallet tends to wake up every month, approximately 1.8 million Bitcoin addresses have been dormant for more than a decade, according to a report published April 24 by Chainalysis and Fortune.

These wallets, excluding Nakamoto’s wallet, are equivalent to $121 billion worth of Bitcoin at current prices. However, many of these wallet owners have lost or forgotten the passwords required to access their Bitcoins, so it is not clear how much of them can be recovered.

Bitcoin experienced a period of decline on June 11, falling from its local peak of $71,650 on June 7 to $66,250 on June 11, losing 7.5 percent in value.

Despite the decline, the Anxiety and Greed Index, which tracks sentiment in the crypto market, remains in the “Greed” zone with an overall score of 74 out of 100.