Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
A Bitcoin (CRYPTO: BTC) transfer of nearly $1 billion has caused a stir in the cryptocurrency market.
What Happened: The transfer, which originated from Coinbase, was sent to an unidentified wallet, leading to speculation about potential institutional accumulation or a significant holder’s long-term cold storage.
According to the Whale Alert, 7,743 BTC, valued around $916.25 million, was moved from Coinbase to a new wallet. The transaction occurred when Bitcoin was trading at $118,329.11. This event is part of a larger trend of increased whale activity in the Bitcoin market.
As per data from IntoTheBlock confirms a significant increase in large transactions over the past two weeks, suggesting a resurgence of significant holders in the ecosystem.
Trending: GoSun’s Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — Become an Investor in This $41.3M Clean Energy Brand Today
Adding to the intrigue, a Bitcoin whale dormant for 14 years has reemerged, moving billions of dollars’ worth of BTC in a matter of hours.
Lookonchain tracked these transactions, totaling $8.7 billion, distributed across unknown wallets in a series of high-value transfers. This surge in whale activity has coincided with concerns of a potential Bitcoin price correction, with prices dipping below $117,000 earlier in the week.
See Also: Invest early in CancerVax’s breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential.
Moreover, the same long-dormant whale recently transferred 9,000 BTC ($1.06 billion) to Galaxy Digital. This move, along with another large transfer, has led to increased market volatility and speculation of more sell pressure.