In an unexpected turn of events, a long-dormant Bitcoin wallet transferred a whopping 8,000 BTC, worth approximately $535.64 million, to the world’s largest exchange, Binance, today. This important transaction marks the first activity from this wallet in more than five and a half years, reports look chain.
In an unexpected turn of events, a long-dormant Bitcoin wallet transferred a whopping 8,000 BTC, worth approximately $535.64 million, to the world’s largest exchange, Binance, today. This important transaction marks the first activity from this wallet in more than five and a half years, reports look chain.
The wallet in question originally obtained its 8,000 BTC on December 6, 2018, when it was worth around $3,810 per coin. Since then, the value of Bitcoin in this wallet has multiplied by more than 14, which is equivalent to about $505.44 million.
Arman Shirinyan
Traditionally, when many cryptocurrencies move onto exchanges, it often means that whales plan to sell them, putting downward pressure on prices. These big moves are watched closely because they can have a big impact on how the big players feel about the market and how prices change.
The reactivation of dormant whale wallets, especially those containing substantial amounts of Bitcoin, is often considered a negative indicator for the cryptocurrency market.
These whales possess the power to influence market prices due to the volume of their holdings. When these long-dormant wallets come to life, it can create uncertainty and fear among investors, who may anticipate large-scale liquidations that could lead to similar price drops.
Arman Shirinyan
This latest transfer to Binance has already caused a small ripple effect throughout the market, with the price of Bitcoin falling almost 4% today to $66,800.
