Bitcoin Miner Transfers Record-Breaking $3.3m Worth of Bitcoin After 14-Year Hiatus
On April 23, 2010, the miner made his first move with the Bitcoins he received as a reward for mining a block.
Recent data from Lookonchain reveals that on April 15, an unidentified whale transferred 50 Bitcoins (BTC) worth approximately $3.3 million. Out of this amount, 17 BTC were sent to the address associated with withdrawals from Coinbase, while the remainder stayed in the wallet using the new details.
No further information has been provided by analysts regarding the transfer of these several dozen Bitcoins.
In April, a prominent Bitcoin holder emerged from a ten-year slumber. The whale withdrew a portion of their assets from an address that held 1,701 BTC. According to experts at Lookonchain, 246 BTC were transferred.
Back in 2013, the Bitcoin whale acquired 4,272 BTC. The average purchase price at that time was $29.39, which amounted to a total of $125,541 for the trader.
Old wallet owners often become active when Bitcoin prices rise. It is commonly believed that the activity of these old wallets could be an indication that the owner intends to sell their coins soon. In some cases, holders move their BTC to other addresses and continue trading them.
According to 10x Research, crypto miners began accumulating Bitcoins in January 2024 in order to create an imbalance between supply and demand. This, in turn, led to a significant increase in the price of BTC, and in March, it reached a new all-time high of $73,750.
Once the halving occurs, the company will gradually sell off the accumulated coins, putting pressure on the price of the cryptocurrency.
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