A Bitcoin Whale Dormant for 6 Years Transfers Over 600000 to Coinbase

On Friday, a whale that had been inactive for six years transferred Bitcoin (BTC) to Coinbase. The crypto wallet is identified as “12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3”. According to Coinbase Pro, 61 BTC worth over $10 million was moved to Coinbase Pro. The data is provided by Lookonchain and Arkham Intelligence. These tokens were purchased six years ago for only $66,800.


This quarter, dormant Bitcoin wallets have become active with a significant increase in the number, as many are transferring their tokens to exchanges. On Thursday, a portfolio associated with the US government transferred BTC worth over $24 billion to Coinbase.
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This is why Robert Kiyosaki won’t invest in a Bitcoin ETF Analysts suggest that these long-term dormant holders may seek to withdraw funds when the price nears historical highs or engage in speculative trading in the market. The selling pressure from long-term holders, along with quicker liquidations by miners and mining pools, and the intervention of the German government, have led to a nearly 9% price drop this month. At the time of writing, the Bitcoin trading price stands at $61,428.