Bitcoin Whale With Decade-Old Wallet Resumes Large BTC Sales Amid Market Stability
Main Idea
A long-dormant Bitcoin whale wallet, holding 5,000 BTC since 2012, has resumed selling portions of its holdings amid Bitcoin's price rally near $118,000, with a recent transfer of 250 BTC to Binance.
Key Points
1. The whale wallet, originally holding 5,000 BTC acquired in 2012 at a cost basis of $1.66 million, has begun selling portions of its holdings.
2. A recent transaction involved transferring 250 BTC (valued at ~$29.68 million) to Binance, realizing a profit margin exceeding 34,900%.
3. The wallet previously sold 1,000 BTC at prices near $106,000, netting over $106 million, with a two-month hiatus before the latest transfer.
4. On-chain data suggests the whale is strategically distributing BTC incrementally, possibly influenced by Bitcoin's price stabilizing between $116,000 and $120,000.
5. Market observers highlight the significance of a long-term holder reengaging after years of inactivity, which could impact liquidity and price volatility.
Description
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