A 6-year-dormant Bitcoin whale transferred over $60 million to Coinbase

On Friday, a whale that had been inactive for six years transferred Bitcoin (BTC) to Coinbase.

The crypto wallet identified as “12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3,” transferred 1,000 BTC, valued at over $61 million, to Coinbase Pro, according to data by Lookonchain and Arkham Intelligence. These tokens were acquired six years ago for a mere $6.68 million.

This quarter saw a significant increase in dormant Bitcoin wallets becoming active, with many transferring their tokens to exchanges.

On Thursday, a portfolio linked to the US government, transferred BTC for over $240 million to Coinbase.

Analysts suggest that these long-dormant holders may seek to withdraw their funds while prices are near record highs or engage in speculative trading in the market.

Selling pressure from long-term holders combined with faster liquidations from miners and sales by the German government contributed to a nearly 9% price drop this month. At the time of writing this article Bitcoin is trading at the $61,428 level.