Dormant Bitcoin Wallet Moves $535 Million Worth BTC After Nearly 6 Respite Years

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A Bitcoin that has been numb for years has resurfaced, moving 8,000 BTC, worth about $535.64 million, after almost six years of latency.

The wallet, dating back to mid-2018, transferred the holdings to multiple addresses, including a BINANCE deposit, when BTC crashed.

Dormant Bitcoin Wallet From 2018 Moves $535 Million

On June 11, during the early hours of the US session, a dormant wallet  its first transaction after 5.5 years of inactivity. The wallet address transferred 8,000 BTC from COINBASE cold storage, Akrham data shows. The value of the moved assets was $535.64 million as of press time.

Dormant Bitcoin wallets, which are addresses showing no activity for long periods, can cause a stir when they suddenly become active, especially with large transfers. Analysts often see these movements as bearish indicators, suggesting that large holders, or whales, are cashing in their holdings.

CryptoQuant data reveals that on June 10, the Bitcoin average dormancy was 9.3098. This metric shows the average number of destroyed days of moved coins, increasing when long-term holders move or sell their coins, which can signal a potential price drop.

On May 21, a dormant Bitcoin wallet from 2013 was reactivated, transferring $7.6 million in BTC after nearly 11 years of inactivity. As shown in the chart, this transaction coincided with a subsequent Bitcoin price drop, moving from the $70,000 to $67,000 range. It is evident that large holders moving their holdings to exchanges often cause price fluctuations, typically favoring the bears.

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