Bitcoin (BTC) has finally managed to successfully rebound past $64,000 today. Amid the price recovery, a dormant wallet dating back over a decade came to life. Moreover, the dormant Bitcoin whale transferred their entire BTC reserve, which was worth nearly $44 million.
Dormant Bitcoin Whale Makes Massive Transfer
According to Lookonchain, a blockchain tracking platform, an inactive Bitcoin whale recently transferred a staggering 687.33 BTC to two unknown wallets on Monday. The transactions were worth a whopping $43.94 million in total. One transaction accounted for a transfer of 625.42 BTC, valued at $41 million.
Whilst, the other transaction shifted 61.9 BTC, equivalent to about $4 million at the time. The whale, inactive for 10.3 years, initially received this hefty sum of Bitcoin on January 12, 2014, when the cryptocurrency was valued at $917 per coin. At the time, the Whale’s reserve was worth only $630,000. This indicates a gigantic profit of 6,875%.
However, this transfer also raises concerns about a possible selloff. The sudden transfer could have been made with the intention to offload the massive Bitcoin reserve amid the latest price rebound. Moreover, the Bitcoin whale’s profit is huge, which strengthens the possibility of a dump.
If such a selloff is carried out, it could potentially affect the Bitcoin price in a negative manner amid the recovery. Furthermore, a decline or sideways action could ensue, offering an opportunity to Bitcoin bears. In addition, shorts are trying to limit their losses while preparing for a short squeeze, which could add further volatility.
BTC Price Tops $64,000
After several attempts to sustain the $64,000 level, Bitcoin has finally succeeded. As of writing, the BTC price was up 1.06% to $64,296.60 on Monday, May 6. Meanwhile, the crypto boasted a massive market capitalization of $1.26 trillion. On the contrary, the 24-hour trading volume for Bitcoin plummeted 7.49% to $18.27 billion.
The post Bitcoin Dormant Whale Shifts $44M BTC As Price Crosses $64K appeared first on CoinGape.
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