LATSET: Dormant Whale Transfers $61M in Bitcoin to Coinbase, Data Reveals

Early Friday, a bitcoin wallet that had been inactive for six years reactivated, transferring 1,000 BTC—worth over $61 million—to Coinbase. This wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, last purchased these coins six years ago for just $6.68 million. The movement from dormant accounts like this has become increasingly common this quarter, sparking discussions about the long-term holders’ confidence in the cryptocurrency’s value.

Despite recent pressures pushing bitcoin prices down nearly 9% this month, the reactivation of these high-value wallets may hint at an underlying strength in the market. Such transactions often precede speculative trading or strategic cash-outs at high market valuations, suggesting a savvy acknowledgment of bitcoin’s sustained relevance and potential.

Market watchers anticipate more volatility following today’s release of the Fed’s inflation data. However, a stable inflation outlook could bolster bitcoin’s standing, possibly countering the recent price slide and reinforcing investor confidence in the face of regulatory and market challenges.


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