Bitcoin Whales Stir the Market: Massive Transfers and Ancient Wallets Awaken

In recent months, large Bitcoin holders called “whales” have been moving their coins around, worrying many crypto fans. Germany’s government just sold 400 Bitcoins on popular exchanges Kraken and Coinbase.

Some very old Bitcoin wallets are waking up as Bitcoin’s value drops. Lookonchain, a crypto tracking site, found activity from a wallet that hadn’t moved in 14 years. This wallet dates back to when Bitcoin’s creator, Satoshi Nakamoto, was still active.

Source: Lookonchain’s X

The old wallet sent 50 Bitcoins to Binance, a major crypto exchange. Bitcoin trades at $60,761.85, down 1.06% on the last day. This makes the transferred coins worth about $3.03 million.

The wallet owner mined these 50 Bitcoins on July 14, 2010, before the first Bitcoin halving. They mined block 67,254, which had a difficulty of 45.38682234, and handled 1,085.85 Bitcoins in four transactions. Back then, miners got 50 Bitcoins as a reward.

Bitcoin Leap: Pennies to Millions as Wallets Move

In 2010, each Bitcoin was worth only 5 cents, making 50 Bitcoins worth just $2.5. Comparing that to today’s $3.03 million shows how much the coins grew in value over 14 years. It’s one of the most profitable Bitcoin investments ever. When old wallets start moving coins, it often means the owner might sell. This could affect Bitcoin’s price and the whole crypto market.

Other big Bitcoin moves are happening, too. Arkham Intelligence confirms Germany’s government sold 400 Bitcoins worth $24.4 million. This follows earlier sales of 6,500 Bitcoins ($425 million) on June 19 and 2,500 ($154 million).

Whale Alert saw one wallet move 3,746 Bitcoins ($243 million) from Binance and another move 1,646 Bitcoins ($107 million) from OKX.

Arkham Intelligence reports that several whale wallets woke up and moved $2 billion worth of Bitcoin. Five wallets alone moved 50,000 Bitcoins to four new addresses.

Last month, a wallet with 1,000 Bitcoins woke up after nine years. Its value grew from $468,643 to $30.39 million – a 6,301.46% increase. All these big moves have crypto watchers on high alert, wondering how they’ll affect the market.

Related Reading | Bitcoin Veterans Cash In: New Study Reveals Profit-Taking Trends

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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