Bitcoin Whale Cashes Out: 2,000 BTC Transfer to Coinbase

Bitcoin Whale Moves 2,000 BTC to Coinbase After 14 Years

Bitcoin Whale– A significant Bitcoin (BTC) transaction recently caught the attention of the crypto community. A whale, who had been holding 2,000 BTC since 2010, transferred the entire stash—worth $178 million at current prices—to Coinbase, as reported by Mempool data. The Bitcoin had been sitting in the wallet untouched for over a decade, back when the price was a mere $0.06 per coin.

According to the data, this particular BTC wallet had been active during the early days of Bitcoin’s existence, at a time when the market cap was just around $250,000 and daily trading volumes rarely exceeded $60,000. The transfer to a major exchange like Coinbase raises questions about whether the owner intends to liquidate the funds, given the massive appreciation in value since those early days.

Dormant Bitcoin Wallets Stirred by Recent Market Surge

The move of this dormant Bitcoin to Coinbase aligns with a broader trend: a rising number of long-dormant Bitcoin wallets have recently been activated. Glassnode analytics show a marked increase in the number of wallets that had been inactive for more than five years. This uptick comes after a notable market-wide surge in Bitcoin’s price, partly fueled by political events, such as Donald Trump’s win in the U.S. election earlier this month.

Data also shows a correlation between Bitcoin hitting new price highs and the activation of older wallets. There have been at least two major instances this year alone where millions of BTC from the early “Satoshi Era” (late 2009 to 2011) have been moved. While it’s difficult to determine whether these BTC were sold or not, it is clear that some of these early Bitcoin holders are sitting on huge profits, and their actions could impact future market liquidity.

The Potential Impact of Old Bitcoin on Market Prices

As more early Bitcoin holders begin to cash out or transfer their funds, the question remains: Will this affect Bitcoin’s price? Some analysts believe that the potential for massive profit-taking from these long-held assets could cap any future price upside. Despite this, many traders are still optimistic that Bitcoin could reach $100,000 by year-end, a key psychological resistance level.

However, it’s also important to consider that a significant portion of Bitcoin may be lost forever. Chainalysis estimates that between 3-4 million BTC have been permanently lost due to irretrievable private keys. This means that many “OG” Bitcoin wallets, though technically still holding BTC, may never be able to cash out or be accessed again, potentially reducing the available supply.