5,000 Bitcoin transferred from address last used seven years ago

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Bitcoin’s valuation has increased by 93.28% year-to-date, with the digital currency reaching $56,248 at press time. Over the past week, the valuation of the biggest cryptocurrency has risen, giving way to the market’s bullish sentiment. However, as the price edges close to the all-time high, whales have been seen re-visiting old addresses with massive volumes of BTC.

According to Whale Warning, a transit of 5,000 BTC from an inactive address was detected on Thursday, which was last used seven years earlier. The Tweet read the following:

 

As the exchange volume of Bitcoin stood close to $55,000, the gross value exchanged was almost $275 million. The fee for the gigantic transaction was $34. The sum transferred to the address has a balance of 5,000 BTC and an amount of 5,000 BTC has been registered.

A similar activity was visible in January 2021, where one of the wealthiest whales had moved BTC worth nearly $1 billion. Bitcoin Block Bot had highlighted this movement of 31,010 BTC on block 667,858 for a meager fee of $5.

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This move follows the rise in whale deposits on spot exchanges like Coinbase in March. The price falling below $48,000 a week back may be the product of the inflows from whale wallets. Interestingly, Twitter enthusiasts in Bitcoin noticed that Bitcoin addresses carrying >10k BTC is at an all-time low.

This move follows the rise in whale deposits on spot exchanges like Coinbase in March. The price falling below $48,000 a week back may be the product of the inflows from whale wallets. Interestingly, Twitter enthusiasts in Bitcoin noticed that Bitcoin addresses carrying >10k BTC is at an all-time low.

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