2024

Bitcoin

when

Million

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In an unexpected turn of events, a long-dormant Bitcoin wallet transferred a whopping 8,000 BTC, worth about $535.64 million, to the world's largest exchange, Binance, earlier today. This significant transaction marks the first activity from this wallet in over five and a half years, reports&nbsp;<a href="https://x.com/lookonchain/status/1800532759318053234" rel="noopener noreferrer nofollow">Lookonchain</a>.
The wallet in question originally got its 8,000&nbsp;<a href="https://u.today/buy-signal-appears-on-hourly-bitcoin-btc-chart" rel="noopener noreferrer nofollow">BTC</a> on December 6, 2018, when it was worth about $3,810 per coin. Since then, the value of the Bitcoin in this wallet has gone up by over 14 times, which is about $505.44 million.
Traditionally, when lots of cryptocurrency is moved to exchanges, it often means that whales are planning to sell it, which puts downward pressure on prices. These big moves are watched closely because they can have a big impact on how big players feel about the market and how prices change.
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 A wallet that had been dormant for 5.5 years transferred 8K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($535.64M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 40 mins ago.The wallet received 8K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> on Dec 6, 2018, when the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> price was $3,810.<a href="https://t.co/zvxAKbHKi6" rel="noopener noreferrer nofollow">https://t.co/zvxAKbHKi6</a> <a href="https://t.co/ZKZHdm4JkR" rel="noopener noreferrer nofollow">pic.twitter.com/ZKZHdm4JkR</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1800532759318053234?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 11, 2024</a>
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The reactivation of dormant whale wallets, especially those holding substantial amounts of&nbsp;<a href="https://u.today/three-key-reasons-why-bitcoin-btc-is-below-70000" rel="noopener noreferrer nofollow">Bitcoin</a>, is typically considered a negative indicator for the cryptocurrency market.&nbsp;
These whales possess the power to influence market prices due to the volume of their holdings. When these long-inactive wallets spring to life, it can create uncertainty and fear among investors, who may anticipate large-scale sell-offs that could lead to similar price declines. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="ec34335d-3fee-4bff-b42f-b6ab7df4ff29" src="https://u.today/sites/default/files/inline-images/btcpricetoday.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
This latest transfer to Binance has already caused a bit of a ripple effect across the market, with the&nbsp;<a href="https://u.today/samson-mow-makes-crucial-bitcoin-btc-statement-details" rel="noopener noreferrer nofollow">Bitcoin price</a> falling by almost 4% today to $66,800.

Ancient Bitcoin Whale Stuns Major Exchange With $535 Million BTC Transfer

U_Today

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