- A dormant whale has activated after six years of slumber.
- The whale sent a massive transfer to Coinbase Prime.
- The transfer follows another dormant Bitcoin movement on Thursday.
A long-dormant crypto whale has sprung to life after a six-year hiatus, sending tens of millions in Bitcoin to a CEX deposit address early Friday.
The on-chain activity comes as the price of BTC continues its month of suffering. It briefly sunk below $60,000 on June 24. As of press time, the crypto asset traded at $61,378 after gaining nearly 1% in the last 24 hours, CoinMarketCap data shows.
Whale Sends 1,000 BTC to Coinbase
On June 28, Lookonchain alerted the X crypto community to the whale’s massive 1,000 Bitcoin transfer to Coinbase Prime. The coins were acquired six years ago for $6.68 million.
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“A wallet that had been dormant for 6 years deposited 1K $BTC ($61.55M) into #Coinbase Prime 4 hours ago. Address: 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3,” Lookonchain wrote.
The whale’s transfer follows another rare transaction from a so-called dormant Bitcoin wallet on June 27. As reported by Lookonchain, a miner address activated after 14 years of dormancy and sent 50 BTC ($3.05M) to Binance on Thursday.
The miner earned the Bitcoin on July 14, 2010, an era of CPI mining when it was possible to mine the cryptocurrency from one’s computer without needing specialized hardware.
Several factors could have contributed to the sudden dormant Bitcoin movements.
Why Are Dormant Bitcoins on the Move?
While market observers speculate that dormant Bitcoin wallets stirring into action might indicate looming sell-offs as the crypto asset hovers near record highs, the users could also be preparing to engage in speculative activities in the derivatives market.
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Dormant BTC holders could also be readying to take positions in other smaller digital assets. The past week has seen Bitcoin’s performance being overshadowed by Ethereum and Solana as the hype of U.S. spot ETFs shifts toward the two smaller crypto assets.
Solana jumped the most on Thursday following VanEck’s move to file for the first Solana ETF with the SEC. The coin had already surged 754% over 12 months before yesterday’s gains and ranks as the fifth largest digital asset by market cap.
Meanwhile, Ethereum is up 51% since the beginning of the year, eclipsing Bitcoin’s 45% surge over the same period.
Solana and Ether traded at $145.08 and $3,433, respectively, at the time of writing.
Stay updated on the latest massive Bitcoin transfer by the U.S. government:
US Govt Moves 4,000 Bitcoin: Looming Sell-off or Nothingburger?
Read about the recent Bitcoin transfers by the German government:
German Government Shifts $46.3M Bitcoin to Multiple Addresses
