Cryptocurrency whale suddenly moved $ 500 million worth of bitcoins after 5 years of inactivity

A bitcoin whale has transferred 8000 bitcoins worth $ 536.5 million from a cold storage wallet at Coinbase. This happened after five years of inactivity.

The bitcoin address 1ABww19YJHjPi5XYYHedy9hBNzDxpmCSKq received 8000 BTC on June 11, according to Arkham Intelligence, a blockchain analytics company. This wallet then transferred all the tokens to a Binance deposit address.

The cold storage wallet Coinbase initially received 8,000 bitcoins through dozens of transfers on December 5, 2018, mostly in batches of 200 BTC.

Inactive addresses with large amounts of funds that suddenly «wake up» may indicate a sale, especially if they are transferred to an exchange deposit address. While it is unclear whether the bitcoin wallet owner cashed out the funds, the transfer marked a nearly 1700% increase from the December 2018 purchase price of $ 3,750.

On May 19, the inactive wallet made its first transaction in more than a decade. This movement was detected by blockchain analysts and sparked a significant discussion about the potential consequences for the bitcoin market. The whale suddenly transferred 114 BTC worth $ 7.6 million.