Concerns Over Massive Bitcoin Sell-Off | Whale Moves “8,000 BTC” After 5.5 Years of Dormancy

A significant shift in the Bitcoin market has been reported as a whale, dormant for over five years, moved a whopping 8,000 BTC to Binance.

This move, equivalent to $536.52 million, occurred amid a sharp price decline, sparking fears of a potential sell-off. With Bitcoin prices having fluctuated significantly this year, this massive transfer has raised eyebrows and concerns among market participants.

Dive into the details of this notable event and its possible implications for the future of Bitcoin.

Transfer Report of Approximately $536.52 Million Worth of Bitcoin

A whale (large holder) who had been holding a massive amount of Bitcoin (BTC) for about five and a half years moved approximately 8,000 BTC, equivalent to about $536.52 million, to BINANCE’s deposit wallet on June 11, 2024.

This substantial transfer occurred on June 11, 2024, amid a sharp decline in Bitcoin prices, and it was reported that all the Bitcoins were moved without performing any transfer tests.

The whale conducted this transfer from Coinbase’s cold storage wallet to the wallet “1ABww1…mCSKq” immediately before the above-mentioned transfer.

Looking back at the transaction history, it is evident that the BTC was collected in the source Coinbase wallet on December 5, 2018, suggesting that this transfer was made for the first time in approximately five and a half years.

Possible Intention to Sell BTC

Although the purpose of this substantial transfer is unknown, when a wallet that has been holding a large amount of Bitcoin for an extended period transfers BTC to a deposit address on an exchange, it is often considered that the transfer is likely intended for selling the Bitcoin.

After rising to nearly $74,000 in March of this year, Bitcoin prices have continued to decline and stagnate. Since around June 7, there has been a significant drop, raising concerns about further price declines due to sales by large holders.

While many price predictions for Bitcoin are optimistic, taking into account factors such as halving and spot ETFs, some experts believe that BTC may have already recorded the peak of this bullish market, necessitating caution against further declines.

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