A Bitcoin whale wallet that has been inactive for six years has recently transferred a significant amount of Bitcoin to Coinbase, attracting the attention of analysts. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC worth over $61 million to Coinbase Pro on Friday, as Bitcoin struggled to sustain its rally above $62,000. These coins were originally purchased for only $6.68 million, and a whale wallet can typically hold 1,000 BTC or more. Analysts believe that long-term holders may want to cash out or engage in speculative activities in the derivatives market as prices remain near record highs. This quarter, there has been a noticeable increase in the activity of dormant Bitcoin wallets that began moving cryptocurrencies to exchanges. Just a day ago, a Bitcoin miner’s wallet that had been inactive for 14 years sent 50 BTC to Binance. Faster liquidations of miners, combined with the German government’s divestment of cryptocurrency assets, have increased bearish pressure on the market and pushed Bitcoin prices down nearly 9% this month. Bitcoin is currently trading at $61,550, having failed to maintain gains above the $62,000 level at least four times since Tuesday. Please note that this is not investment advice.
