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Ancient whale Bitcoin stuns a major exchange with a transfer of $535 million in BTC
Gamza Khanzadaev
The ancient whale disrupts the global cryptocurrency market with half a billion dollars in Bitcoin deposited on the world’s largest exchange
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In an unexpected turn of events, a long-dormant Bitcoin wallet today transferred a whopping 8,000 BTC, worth around $535.64 million, to the world’s largest exchange, Binance. This significant transaction marks this portfolio’s first activity in over five and a half years, it reports Guardaonchain.
The wallet in question originally received its 8,000 Bitcoin on December 6, 2018, when it was worth approximately $3,810 per coin. Since then, the value of Bitcoin in this wallet has increased more than 14 times, amounting to approximately $505.44 million.
Traditionally, when large amounts of cryptocurrencies are moved on exchanges, it often means that whales are planning to sell them, which puts downward pressure on prices. These big moves are watched closely because they can have a big impact on how large players perceive the market and how prices change.
The reactivation of dormant whale portfolios, particularly those holding large amounts of Bitcoinit is generally considered a negative indicator for the cryptocurrency market.
These whales possess the power to influence market prices due to the volume of their holdings. When these long-dormant portfolios come back to life, it can create uncertainty and fear among investors, who may anticipate large-scale sell-offs that could lead to similar price declines.
BTC to USD by CoinMarketCap
This latest move to Binance has already caused a certain ripple effect throughout the market, with the Bitcoin price falling nearly 4% today to $66,800.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.