A dormant Bitcoin address that had been inactive for 12 years recently made two transactions transferring a total of 119 BTC, valued at approximately $6.9 million, to a new single wallet. This consolidation trend by the same user mirrors other recent activities of Bitcoin whales moving large amounts of cryptocurrency, including a recent sale of 3,500 BTC worth $206 million amidst a market downturn.
A dormant Bitcoin address, inactive for 12 years, has transferred 119 BTC, valued at approximately $6.9 million, according to Whale Alert. The address last moved BTC in February 2012, when its value was about $600. The recent transfers were divided into two transactions: the first moved 76 BTC, and the second moved 43 BTC. These Bitcoins were transferred to a new single wallet, indicating consolidation by the same user.
Dormant Bitcoin addresses have become active several times this year. For instance, on May 6, a Bitcoin whale moved $43 million worth of cryptocurrency after 10 years, and another whale transferred 1,000 BTC valued at $60 million two months later.
Amid these activities, a Bitcoin whale recently liquidated holdings, moving 3,500 BTC, worth $206 million, to Binance within five hours. This sale occurred at a $20 million loss and coincided with a broader market downturn. Bitcoin’s value dropped by over 5%, falling below $57,500 for the first time since April, and the crypto “fear & greed” index shifted from greed to fear.
