A Bitcoin whale wallet that has been inactive for six years has made a notable move by transferring a significant amount of Bitcoin to Coinbase.
Whale that remained motionless for a long time sent $61 million worth of BTC to Coinbase
Early Friday, as the leading cryptocurrency struggled to sustain its rally above $62,000, the wallet identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3 deposited 1,000 BTC worth over $61 million to Coinbase Pro, according to data tracked by Lookonchain and Arkham Intelligence.
These coins were originally purchased for only $6.68 million. A whale wallet can typically hold 1,000 BTC or more.
This quarter, there was a noticeable increase in the activity of dormant Bitcoin wallets that began moving cryptocurrencies to exchanges. Just a day ago, a Bitcoin miner's wallet that had been inactive for 14 years sent 50 BTC to Binance.
Analysts think these long-term holders may want to cash out or engage in speculative activities in the derivatives market as prices remain near record highs.
Faster liquidations of miners, combined with the German government's divestment of cryptocurrency assets, have increased bearish pressure on the market and pushed Bitcoin prices down nearly 9% this month.
Bitcoin is trading at $61,550, having failed to maintain gains above the $62,000 level at least four times since Tuesday.
*This is not investment advice.