A large amount of Bitcoin, valued at $536.5 million, was recently transferred from a long-dormant Coinbase cold storage wallet by a Bitcoin whale.
The transaction took place on June 11 at 1:26 pm UTC, and the entire sum was moved to the Binance deposit address “15u4H…rMsLa” shortly after.
The wallet, which has the address “1ABww1…mCSKq”, had not been active for over five and a half years until this transfer.
According to blockchain analytics firm Arkham Intelligence, the wallet had received the 8,000 BTC in smaller batches on December 5, 2018, with no prior test transactions.
This sudden activity from a previously dormant address with a large amount of Bitcoin could indicate a potential sell-off, especially since the price of Bitcoin has increased by almost 1,700% since the acquisition date in 2018.
