By
Chimamanda U. Martha
June 28th, 2024
The Bitcoin ecosystem has seen more whale transfers in the last couple of months, raising concerns amongst crypto enthusiasts. The German government recently dumped 400 Bitcoins on Kraken and Coinbase.
Bitcoin (BTC) wallets are beginning to come out of dormancy amidst a significant drop in the value of the flagship cryptocurrency. Crypto analytics platform Lookonchain spotted activities from a Bitcoin miner’s wallet that have been silent for the last 14 years. This wallet was active in the Satoshi Nakamoto era, which was the early days of Bitcoin.
Bitcoin Transfer: Potential Selloff?
A few hours ago, the said wallet transferred 50 BTC to the leading cryptocurrency exchange Binance. Noteworthy, Bitcoin is currently trading at $60,761.85 with a 1.06% slump in value within the last 24 hours. By this market price, the transferred assets were worth approximately $3.03 million.
A miner wallet woke up after being dormant for 14 years and deposited 50 $BTC($3.05M) to #Binance 7 hours ago.
The miner earned 50 $BTC from mining on July 14, 2010.
Address:
1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm pic.twitter.com/toKmBfbUne— Lookonchain (@lookonchain) June 27, 2024
The wallet owner secured 50 Bitcoins from his mining activity on July 14, 2010. This was even before the first Bitcoin halving event ever held. The Bitcoin miner mined block 67,254 and the block details include a difficulty of 45.38682234 and a transaction volume of 1,085.85 BTC across four transactions. At the time, BTC’s mining reward was around 50 units of the coin.
It is worth noting that the firstborn digital currency was barely worth a cent at the time. Precisely, its price at the time was pegged at $0.05 per coin, bringing the total worth of the 50 BTC to only $2.5. Comparing $2.5 to $3.03 million, it is obvious that the 14 years of dormancy was worth the wait after all. It could even be tagged one of the most lucrative Bitcoin HODLing endeavors in all of Bitcoin’s history.
The movement of the coins suggests a potential selloff akin to all dormant wallet addresses that suddenly come alive. These wallets and their probable selloff activities might impact the broader crypto market.
Whale Wallets Transfer Huge BTC Holdings
The Bitcoin ecosystem has seen more whale transfers in the last couple of months, raising concerns amongst crypto enthusiasts. The German government recently dumped 400 Bitcoins on Kraken and Coinbase.
These transfers were confirmed by data from blockchain analysis platform Arkham Intelligence. The 400 BTC, which was worth $24.4 million based on the cryptocurrency’s price on Tuesday. Noteworthy, this transfer came after a previous transfer of 6,500 BTC worth $425 million on June 19 and another 2,500 BTC, about $154 million from a wallet with the name, German government.
Whale Alert also spotted an unknown wallet that transferred 3,746 BTC, about $243 million, from Binance, while another unknown address transferred 1,646 BTC, approximately $107 million, from OKX to an unknown wallet.
According to Arkham Intelligence, several whale addresses were reactivated and transferred a total of $2 billion on-chain. Five wallets alone consolidated 50,000 BTC into four distinct wallet addresses.
Last month, a Bitcoin whale wallet that had stayed inactive for nine years resumed activity. From holding 1,000 Bitcoin at a value of $468,643, the wallet was worth $30.39 million, representing a 6,301.46% increase within almost nine years.