A long-dormant wallet moved 2,931 bitcoins worth approximately $188 million. The transaction immediately sparked speculation about a possible sale, though the transfer itself does not confirm anything of the sort yet.
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Value of held bitcoins increased nearly tenfold
The wallet was last active when bitcoin was trading at approximately $6,500. After seven years, the coins were transferred to a new address at a time when the BTC price was hovering around $64,000. The value of the held assets thus increased nearly tenfold during this period.
A transfer between two private addresses does not necessarily mean preparation for a sale. The owner may have simply changed their custody method, reorganized their portfolio, or moved funds to a more secure wallet. The key question will be whether the bitcoins appear on any cryptocurrency exchanges in the coming days.
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Large transactions keep the market on edge
According to available on-chain data, the largest transfers account for the vast majority of bitcoins flowing to exchanges. Such a high proportion of whale activity is often perceived as a warning of possible selling pressure. The situation is further complicated by fluctuating demand for U.S. spot bitcoin ETFs, which have only seen short-term improvement after significant outflows.
The next movement of these coins will therefore be closely watched by investors. If they remain at the new address, it was likely just a technical transfer. However, a potential transfer to an exchange, such as Coinbase, could heighten concerns about a larger sale and affect market sentiment in the short term.
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