Dormant Whales Shift 6,500 BTC Worth $230M

3/11/2023

On November 2, three previously dormant Bitcoin wallet addresses dating back to 2017 became active, transferring a significant amount of Bitcoin, approximately 6,500 BTC worth $230 million. These addresses had remained inactive for years, and the simultaneous movement of these coins raised questions and discussions within the cryptocurrency community. It's worth noting that these addresses held Bitcoin originating from the early days of the cryptocurrency, possibly linked to F2Pool miners from July 2011.

The reactivation of these dormant accounts aligns with heightened security concerns in the crypto community, leading to speculation that these transfers were initiated to enhance the security of assets stored in older, potentially vulnerable wallets. The Bitcoin market did not show any immediate negative impact from these transactions, as the cryptocurrency had been on an upward trend, trading at around $35,450 during the same period. The precise reasons for these transfers remain undisclosed, leaving room for speculation about whether they signal broader financial maneuvers or are isolated movements involving long-dormant coins.

Resource: https://coingape.com/dormant-bitcoin-whales-move-6500-btc-worth-230m/