A so-called Bitcoin whale has transferred 8,000 Bitcoin (BTC) worth $536.5/€499.4 million from a Coinbase ‘fridge wallet’ after five and a half years of inactivity. This is reported by blockchain analysis company Arkham Intelligence.

BTC transferred to a Binance address

On June 11 at 1:26 PM UTC, the Bitcoin address “1ABww1…mCSKq” received the entire supply of 8,000 BTC in block 847,490. Just one block and 11 minutes later, the entire amount of BTC was transferred to the Binance deposit address “15h4H…rMsLa” without any test transactions having been executed beforehand, according to Arkham data.

The original receipt of the 8,000 BTC took place on December 5, 2018 via dozens of transfers, mostly in batches of 200 BTC. Activating large inactive addresses can indicate a possible sale, especially if the Bitcoin is moved to an exchange deposit address.

Although it is not clear whether the owner has cashed out the Bitcoin, the transfer represents a value increase of almost 1,700% since the purchase price of $3,750/€3,490 in December 2018.

Not the first time that Bitcoin whale has become active again

This is not the first time a Bitcoin whale has become active recently. On May 12, two linked Bitcoin wallets together transferred 1,000 Bitcoin, worth $61/€57 million at the time. A week earlier, a Satoshi Nakamoto-era Bitcoin wallet transferred 687 Bitcoin, worth nearly $44/€41 million, to two separate addresses.

According to an April 24 report from Chainalysis and Fortune, nearly 1.8 million Bitcoin addresses have been inactive for more than a decade. These wallets, excluding Nakamoto’s, represent a value of $121/€113 billion worth of Bitcoin at current prices. However, many owners of these wallets have lost or forgotten their access keys, making it uncertain how much of this Bitcoin can ever be recovered.

Source: https://newsbit.nl/bitcoin-whale-ontwaakt-8-000-btc-verplaatst-na-5-5-jaar/

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