Bitcoin Whale Holding $61 Million Wakes Up and Starts Moving
A Bitcoin whale recently made a significant move by sending 1,000 BTC—valued at $61 million—to Coinbase after holding the coins for almost six years. The investor initially received the coins in August 2018 when they were worth $6.68 million. The decision to send the coins to the exchange suggests an intent to sell, potentially resulting in an 817% profit if the sale goes through.
This transaction reflects a common trend in crypto bull markets where long-term holders start selling their coins as the unrealized profits become too tempting to resist. Another example is a Bitcoin whale who dumped 687 BTC, worth $43.8 million, after holding the coins since January 11, 2014, when Bitcoin was priced at $987.
The long-term holder supply of Bitcoin, coins held for over five months at the same address, decreased from 16.2 million BTC in late December to 14.9 million BTC by late March. This decline coincided with a significant price increase from $40,000 to $70,000, indicating that investors were capitalizing on their gains.
On-chain analysts have noted a potential loss of momentum in this year’s Bitcoin bull market, with whales cashing out $1.2 billion in profits in the first half of June. Miners also sold a substantial amount of BTC due to post-halving revenue challenges. Additionally, the German and U.S. governments have been selling off hundreds of millions of dollars in BTC seized from criminals.
Currently, Bitcoin is trading at $60,775 per coin, marking an 11% drop this month. Market sentiment could be influenced by the Federal Reserve’s release of the core Personal Consumption Expenditures (PCE) price index for May. This inflation measure could impact the market and contribute to further volatility in the asset’s value.
In summary, the recent movements of Bitcoin whales and other significant holders suggest a shifting landscape in the crypto market, with various entities capitalizing on profits and potentially affecting market dynamics.
